Bove Moves to Rafferty as Errant Apple Trade Rocks Rochdale
Stock Chart for Apple Inc (AAPL)
Dick Bove, the bank analyst whose employer, Rochdale Securities LLC, is struggling to survive after an unauthorized $1 billion Apple Inc. (AAPL) trade, will join Rafferty Capital Markets LLC.
Bove, 71, will lead research in financial services companies, Garden City, New York-based Rafferty said today in an e-mailed statement. Speculation about Bove’s status swirled after regulators ordered Stamford, Connecticut-based Rochdale to halt operations because of losses on Apple and five traders jumped to Rafferty.
“The firm is well-established and has a commitment to independent research, the type I’ve enjoyed producing for many years,” Bove said in the statement.
Rochdale President Dan Crowley has struggled to hold onto his staff while seeking a deal to keep his 37-year-old brokerage afloat. Bove said previously that he wouldn’t leave until Crowley “threw in the towel” on finding a rescuer. Crowley didn’t respond to inquiries about the firm’s fate.
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