Stefan Mileschin

A Wall Street Trader is thoroughly regretting believing Apple's hype machine.

According to Reuters, David Miller, 41 was jailed for 2 1/2 years for making an unauthorised purchase of about $1 billion in Apple stock.

Miller completely believed that Apple shares would have to go up because everyone in the mainstream press told him that. That eventually led to the end of financial services firm Rochdale Securities.

Miller, of New York, conspired with another individual to buy 1.625 million Apple shares on October 25, 2012, the same day that the company planned to report third-quarter results, in the hopes that the share price would rise.

Miller falsely told his share broking company Rochdale the trade was for a customer who had, in fact, only asked to buy 1,625 shares, prosecutors said.

Sadly for Miller the deal went pear shaped when Apple's steam roller stalled and the shareprice plummeted.

Rochdale faced $5.3 million in losses on the additional unauthorised shares, leaving the firm undercapitalised and the company collapsed.

http://news.techeye.net/business/bet...trader-to-jail