Joshua Schnell, December 5, 2012
The end goal was likely the same, but one person made away with a small fortune and another is probably heading to jail for wire fraud. Eddy Cue, Apple’s Senior Vice President of Internet Software and Services sold $8.6 million in Apple stocks yesterday. Cue sold 15,000 shares of AAPL stock at $584 per share. A nice small fortune. David Miller’s fortune isn’t exactly the same.
Sadly, the most interesting stock story of the day has to go to David Miller who moronically purchased $1 billion in AAPL stock without being able to pay for it, hoping to flip the stock after Apple’s earnings call and make himself and Rochdale Securities LLC a pretty penny by selling it off when the stock price increased after the earnings call. Yeah, one problem. Apple’s stock price actually dropped after its latest earnings call, and now Miller and his company are on the hook to pay for the stock. Turns out they don’t have the cash. The stock drop actually cost the company $5 million.
Of course, this kind of tragedy isn’t complete without a doozy of an excuse. According to David Miller, he was actually trying to buy 1,625 share, but accidentally hit the wrong keys and instead purchased 1.625 million shares. As Cult Of Mac points out, Miller actually had an accomplice and it looks like they were colluding to sell 500,000 shares on the market.
Enjoy jail, Mr. Miller.
If this isn’t an example of how Wall Street views the stock market as a giant board game for adults, I’m not sure what is anymore.Follow @macgasm