Photo: Bloomberg TV screenshot
Noted bank analyst Dick Bove is leaving Rochdale Securities, Dow Jones reports citing a person familiar (via Bloomberg).He’s expected to leave on Monday.
Last month, the 37-year-old Stamford-based brokerage firm revealed that one of its traders made unauthorised purchases of Apple stock in October.
The now-former trader, David Miller, who allegedly made those unauthorised purchases, was arrested and charged by Connecticut’s U.S. Attorney with wire fraud.
The criminal complaint against Miller alleges that he bought 1.6 million shares of Apple on October 25 before the company was scheduled to release its quarterly earnings report. Rochdale got out of the position and lost around $5 million.
Following the bad Apple trade, Rochdale has been seeking a lifeline to stay afloat. What’s more is other traders have also headed for the exit.