David Miller, a former trader who “misled” the Rochdale Securities brokerage into purchase 1.6 million Apple shares, has been arrested and released on $300,000 bail. Miller is accused of purchasing the 1.62 million shares after telling Rochdale Securities that it would be purchasing just 1,625 shares, resulting in a $5 million loss. Miller could face 20 years in prison.

[Source: Bloomberg]