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FINRA investigating Rochdale trades in Apple shares - report

Nov 06 2012 Reuters

The U.S. securities industry's self-regulator is investigating alleged unauthorized trades in Apple Inc shares at Rochdale Securities LLC that have placed the brokerage in a financially shaky position, the Wall Street Journal reported. A trader at Rochdale received an order for stock in Apple but bought 1,000 times the number of shares requested, the WSJ reported, citing a person familiar with the thinking of Rochdale executives. The Financial Industry Regulatory Authority is now investigating the trades, according to the WSJ. The trader says the extra shares were ordered by mistake, according to the person, but Rochdale is alleging the actions were intentional. Rochdale suspects the trader was working with an outside party to execute the trade and profit at the firm's expense, the WSJ said, without identifying the trader. A trader bought $750 million to $1 billion in Apple shares last month without permission, and the acquired stock later fell in value by a few million

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