Rochdale Securities Reportedly Seeking Capital
NEW YORK (TheStreet) -- Rochdale Securities may be the latest brokerage firm to need an injection of capital after unauthorized trading activity.
According to a Bloomberg report citing three unnamed sources, executives at Rochdale Securities - which employs the well-known bank analyst Richard Bove -- have been telling employees and potential investors that the company's capital has been "eroded" because of an unauthorized trade in Apple (APPL) shares.
A Rochdale spokesman declined to comment.
According to the company's website, Rochdale Securities specializes in "high-quality executions, comprehensive reporting and the ability to provide independent research to the institutional investment community," and that it "offers independent research without the conflicts of investment banking."
-- Written by Philip van Doorn in Jupiter, Fla.
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