HARTFORD, Conn. A securities trader admitted Monday that he participated in a scheme involving the unauthorized purchase of about $1 billion of Apple (AAPL) stock that wound up costing his employer $5 million, federal prosecutors said. David Miller of Rockville Centre, N.Y., pleaded guilty in Hartford to conspiracy and fraud offenses, the U.S. Attorney's office said. "This defendant participated in a fraudulent scheme in which he would either reap huge profits through the unauthorized purchase of approximately $1 billion of Apple stock or, if he faced huge losses, explain it away as simple human error," U.S. Attorney David Fein said. "This scheme caused catastrophic losses for his former employer and was unraveled promptly by the FBI." Feds: Ex-KPMG partner faces criminal, civil charges Madoff SEC lawsuit rejected by federal appeals court Ex-Credit Suisse exec pleads not guilty to fraud charges The investigation is continuing, Fein said. Miller's attorney says he regrets what he … [Read more...] about Trader pleads guilty in $1 billion Apple stock scheme
HARTFORD, Conn. -- A former securities trader has been sentenced to two and a half years in prison for his role in the unauthorized purchase of about $1 billion of Apple stock that led to the demise of the securities firm. David Miller also was sentenced on Tuesday to three years of supervised release. The 41-year-old Miller of Rockville Centre, N.Y., pleaded guilty in April to conspiracy and fraud offenses. Authorities said that as an institutional sales trader for Rochdale Securities LLC of Stamford, Miller conspired to execute a trade to buy 1.6 million shares of Apple stock on behalf of a Rochdale customer whose account Miller handled on the day Apple was scheduled to announce earnings. Authorities say Miller falsely claimed he mistakenly ordered many multiples of a client's order. The deal cost Rochdale $5 million. … [Read more...] about Ex-trader sentenced for fraudulent Apple stock purchase
As if Berkshire Hathaway's (NYSE: BRK-A) (NYSE: BRK-B) huge position in Apple (NASDAQ: AAPL) wasn't already enough of an indicator of famed investor Warren Buffett's confidence in the stock, Buffett told CNBC this week there is a better way to judge how much Berkshire likes its stock holdings: the rate at which his company is buying shares. Based on this measure, Buffett absolutely loves Apple stock -- because Berkshire's been buying Apple shares in droves. An Apple store. Image source: Apple. How to tell what stocks Buffett likes After Berkshire increased its position in Apple stock during its fourth quarter by 31.2 million shares, or 23%, Apple became Berkshire's largest holding when measured in dollars. When including Berkshire's 325.4 million shares of Kraft Heinz -- which Berkshire excludes from its list of common stock investments on its financial statements since Berkshire is a part of a control group and is required to account for this investment using an equity … [Read more...] about Warren Buffett Loves Apple Stock
The 'Oracle of Omaha' explained his reasoning in a cheeky way. Nina Zipkin Published 11:30 am, Monday, February 26, 2018 Photo: Kent Sievers | Shutterstock.com Image 1of/1 CaptionClose Image 1 of 1 Warren Buffett Warren Buffett Photo: Kent Sievers | Shutterstock.com Why Warren Buffett Still Has a Flip Phone Despite Holding Tons of Apple Stock 1 / 1 Back to Gallery You don’t become one of the top five wealthiest men in the world without having your finger on the pulse. Known for being the “Oracle of Omaha,” Warren Buffett has made his fortune by being able to read the signs and buy and sell stock accordingly. In an interview with CNBC, Buffett talked about why he is such a fan of Apple, which is number two on the list of companies that Berkshire Hathaway has the most stock in (the top one is … [Read more...] about Why Warren Buffett Still Has a Flip Phone Despite Holding Tons of Apple Stock
This article originally appeared in the Motley Fool. Berkshire Hathaway's (NYSE:BRK-A) (NYSE:BRK-B) latest 13F filing is out, and it reveals a number of the company's interesting trades, including selling most of its IBM stake, trimming its position in General Motors, buying more Apple (NASDAQ:AAPL), and starting a new position in Teva Pharmaceuticals, among other trades. But it was Berkshire's huge purchase of tens of millions more Apple shares that was the most interesting trade by Berkshire chairman and CEO Warren Buffett. The famed investor had already sunk billions of dollars into the stock and has already made billions of dollars on the investment. Loading up on more Apple stock in Q4 highlights just how bullish Buffett is on Apple's future. A No-Joke Bet On Apple Buffett's purchase of Apple stock didn't represent just a slight boost. The billionaire's Berkshire purchased droves of Apple stock -- 31.2 million shares to be … [Read more...] about Warren Buffett Just Bought Loads Of Apple Stock — Should You?