Stamford, Conn.-based Rochdale Securities is struggling to
secure a deep-pocketed buyer three weeks after a former trader, identified as
David Miller, saddled the firm with $1 billion in “unauthorized” Apple trades
that it wasn’t able to cover.
CEO Dan Crowley has been working around the clock to
identify a “white knight” willing to save the 55-person broker dealer,
according to sources. But staffers of the 37-year old firm worry ongoing
investigations will turn off suitors and impede the firm’s ability to operate
as a broker dealer.
The FBI and regulators including the Securities and Exchange
Commission and the Financial Industry Regulatory Authority are probing the
errant trade. Finra has barred the firm from trading on behalf of clients until
it resolves its capital shortfall, which could range from $5 million or $11 million....
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