Dick Bove Is Joining Rafferty Capital Markets After Rochdale's Bad Apple Trade

Dick Bove

Photo: CNBC screenshot

Dick Bove is leaving Rochdale Securities to join Rafferty Capital Markets in Garden City, New York, Bloomberg News reports. The 71-year-old bank analyst will lead Rafferty’s research on financial services companies, the report said.  

He’s not the only Rochdale employee to join Rafferty.

Rochdale’s co-heads of trading, Kristen Talgo and Hal Tunick, had already left Rochdale to join Rafferty.  

Back in November, it was revealed that a Rochdale trader, identified as David Miller, made unauthorised stock purchases of $1 billion in Apple shares on October 25. 

Earlier this month, Miller was arrested and charged with wire fraud.

According to the complaint against Miller, Rochdale had 1.6 million shares in Apple.  It got out of the position and lost around $5 million.  

Since that bad trade, the 37-year-old Stamford-based brokerage firm has been seeking a lifeline to stay afloat. 

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.