Bove Moves to Rafferty as Errant Apple Trade Rocks Rochdale
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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