NY trader pleads guilty in $1B Apple stock scheme

[Poke]

Crazy what people will do.

http://money.msn.com/business-news/article.aspx?feed=AP&date=20130415&id=16354962&ocid=ansmony11

 

[KE4EST]

Damn

 

[Anole]

As a result of the scheme, Rochdale was left holding about 1.6 million shares of Apple and sustained a loss of $5.3 million.

Hardly the billion in the title of the story!

 

[mike123abc]

Hardly the billion in the title of the story!

He bought about 1 billion in stock. When he saw it was not going to go up he sold it, and lost 5.3 million. He tried to fake a typo buying 1.6 million shares instead of 1600, that way if the stock went up he could pocket the profit, if it went down he could claim a trading mistake.