Rochdale Said to Seek Capital After Trading Mistake
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Rochdale Securities LLC, the 37-year-old brokerage that employs bank analyst Dick Bove, is trying to raise money to keep the firm afloat after a trading loss, said four people with knowledge of the firm’s situation.
Managers at Rochdale are telling employees and potential investors that a trader made an unauthorized purchase last month of Apple Inc. shares, which declined in value and depleted the capital of closely held Rochdale, said two of the people, who requested anonymity because the overtures have been private.