We did a FINRA Broker Check to find out more on Miller. FINRA records show that Miller had been with Rochdale since February 2009.
Prior to that, he did stints and Ladenburg Thalmann (5/2008 to 2/2009), Punk, Ziegel & Co. (2/2004 to 5/2008), Assent LLC (5/2003 to 2/2004) and Needham & Co. (4/1997 to 2/2004), M.H. Meyerson (2/1996 to 4/1997) and Gilford Securities Inc. (1/1995 to 2/1996), the records show.
He has no customer complaints against him, the records indicate.
However, following those improper purchases of Apple at Rochdale, the FBI, the SEC and FINRA are all probing the trader, according to the New York Post’s Mark Decambre citing sources familiar.
In particular, the FBI is looking into an alleged stock manipulation scheme involving another trader from a different firm who has not been identified at this time.
According to reports, what happened at the 37-year-old Stamford-based brokerage firm was Miller bought 1.6 million Apple shares when he was supposed to buy just 160,000 for a client, the Post reported.
Bloomberg TV’s Stephanie Ruhle reported yesterday that those unauthorised stock purchases took place near Apple’s earnings release on Oct. 25. Shares of Apple have dropped more than 4% since then.
According to the Post, Miller’s $1 billion Apple trade was discovered and unwound in the same day. He stopped going to work the next day.
Miller has not been charged with any wrongdoing.
Following the Apple trade, Rochdale, which employs noted bank analyst Dick Bove, is now looking for either a merger deal or a capital injection to stay afloat.