HARTFORD — A securities trader admitted Monday that he participated in a scheme involving the unauthorized purchase of about $1 billion of Apple stock that wound up costing his employer $5 million, federal prosecutors said.
David Miller of Rockville Centre, N.Y., pleaded guilty in Hartford to conspiracy and fraud offenses, the US Attorney’s office said.
‘‘This defendant participated in a fraudulent scheme in which he would either reap huge profits through the unauthorized purchase of approximately $1 billion of Apple stock or, if he faced huge losses, explain it away as simple human error,’’ US Attorney David Fein said. ‘‘This scheme caused catastrophic losses for his former employer and was unraveled promptly by the FBI.’’
The investigation is continuing, Fein said.
Miller’s attorney said he regrets what he did and the harm it caused.
Miller, who has been released on a $300,000 bond since his arrest on Dec. 4, is scheduled to be sentenced on July 8 and faces up to 25 years in prison.