One overambitious Wall Street trader has put the future of his firm in peril after making an unauthorized purchase of Apple shares — just as they started a 17 percent decline, according to one report.
Rochdale Securities, a small Stamford, Conn., brokerage firm, put out a call yesterday for more capital after the misguided Apple buy led to losses, the report by Bloomberg said.
The firm has spoken to potential investors.
Dan Crowley, Rochdale’s president since 2009, told Dow Jones that the report about the firm was “pretty much accurate.”
Rochdale, which has been working with institutional clients since 1975, doesn’t have a lot of room for error — its capital has fallen by about 38 percent since the end of 2008.
At the end of last year, Rochdale had $3.44 million in net capital and total assets of $10.95 million, according to a regulatory filing.
The firm is best known today for its controversial bank analyst Dick Bove, who most recently suggested banks move out of New York state to avoid high-profile prosecutions.
Rochdale has between 50 and 200 employees, according to its LinkedIn profile.