Rochdale Treading Thin Ice as 'White Knight' Yet to Appear

Rochdale Securities might not be able to remain solvent following $1 billion in unauthorized Apple (Nasdaq: AAPL) trades made recently that it wasn't able to cover.

According to the NY Post, Dick Bove's employer is having trouble coming up with a buyer. The Post notes that CEO Dan Crowley has been working around the clock to find a potential suitor, but recent FBI and U.S. SEC probes are making it difficult to secure funding.

Currently, Rochdale has been banned by FINRA from trading for its clients until it is able to resolve its capital deficiency, somewhere in the range of $5 million to $11 million.

For now, Bove said he'll remain at the firm. Rochdale was able to make its recent payroll, amid the deficit. Of course traders that make the bulk of their money on commission have been unable to do so due to the recent halt by FINRA.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Nomura/Instinet Reiterates Buy Rating on Samsung Electronics Co Ltd. (005930:KS) (SSNLF)
• Global Interactive Technologies receives Nasdaq non-compliance notice
• Singularity Future Technology closes $5M registered direct offering