Former trader sentenced to 30 months in prison for fraudulent $1B AAPL purchase

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Comments

  • Reply 21 of 24
    hill60hill60 Posts: 6,992member
    Quote:

    Originally Posted by water cooler View Post



    Sounds like there is no check and balance in the system...say for every purchase of over a million, someone has to check it or the computer should alert and lock up the order... Stupid trading firm

     

    There isn't enough time, these trades are done at a rate of thousands per second, this guy made the mistake of letting his employer be the stooge rather than the usual general public and their pension funds.

     

    He messed up and now pays the price.

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  • Reply 22 of 24
    drowdrow Posts: 127member
    more to the point, what sort of newb would bet on apple's share price rising after a quarterly report?
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  • Reply 23 of 24
    rtd2870 wrote: »
    He should be forced to retake elementary math and learn decimal places.

    That was not the problem. Evidently, he was attempting to squeeze through an order that he could plausibly deny he placed if caught in an attempt to make a quick massive profit.
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  • Reply 24 of 24
    Let's be serious, stock manipulation happens all the time.  Companies make gambles all the time.  The company made a bad bet and did not want to pay go under, so they made up this stupid excuse and an escape-goat. 

    As an individual investor, I can't say that my wife made an un-authorized order and I would like to retract the order so I don't have to pay. Can't I?

    "Escape-goat"?....... Wow. That's a new one.

    He was not made a scapegoat. He committed a crime. A scapegoat is completely different.
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