A now-fired broker at Rochdale Securities
tried to quickly cash in on a stock windfall generated by Apple's earning announcements, but ended up costing his employer millions and has been arrested and charged with fraud
. David Miller's scheme was roiled when AAPL fell instead of rose on the company's record-breaking quarter
, due to a slip in expected iPad growth
. It is charged that he improperly bought 1,000 times the number of shares requested by a customer, planning to dump the excess and pocket the profit when the price went up.