Posts Tagged ‘Fraud’
A Rochdale Securities Manager has plead guilty to purchasing 1,000 times the shares of Apple Stock that he was supposed to, according to an Article posted on Yahoo. On October 25, David Miller was supposed to purchase 1,625 shares of Apple Stock, but deliberately purchased 1,625,000 shares of Apple Stock hoping to win big on the market for his client. However, Apple Stock actually went down.
Mr. Miller assumed he would be celebrated for his purchase if the stock went up, and would blame the purchase on computer error if prices fell. When the stock did fall however, the company that he worked for ended up being forced out of business. According to CultofMac.com, Rochdale lost $5.4 Million on this exchange, and their assets fell below the legally allowed amount for a brokerage committee. Rochdale was forced to sell off the remainder of its assets, lay off employees, and closed on November 12. It is not listed as a defendant in the case against Miller.
81% of Income Tax Filers file their taxes online. However, the process by which the IRS processes the returns has not been able to keep up with the times. Because the IRS issues refunds on a type of “honor system” before actually reviewing the return, cyber thieves have been able to file fraudulent returns at an alarming rate. This provides a big problem for both the government and the individual. Fox Business News provides tips on how to protect yourself from the cyber thieves.
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