Rochdale Securities Reportedly Seeking Capital

<I>Bloomberg</I> reports that Rochdale Securities needs additional capital, after an unauthorized trade in Apple shares.
By Philip van Doorn ,

NEW YORK (

TheStreet

) --

Rochdale Securities

may be the latest brokerage firm to need an injection of capital after unauthorized trading activity.

According to a

Bloomberg

report citing three unnamed sources, executives at Rochdale Securities - which employs the well-known bank analyst Richard Bove -- have been telling employees and potential investors that the company's capital has been "eroded" because of an unauthorized trade in

Apple

undefined

shares.

A Rochdale spokesman declined to comment.

According to the company's website, Rochdale Securities specializes in "high-quality executions, comprehensive reporting and the ability to provide independent research to the institutional investment community," and that it "offers independent research without the conflicts of investment banking."

--

Written by Philip van Doorn in Jupiter, Fla.

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