Apple, a 'rogue trader', and a billion dollar bet turned sour

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An alleged rogue trade in US technology giant Apple's shares has left a US brokerage fighting for survival.

According to reports, Rochdale Securities - based in Connecticut - has been left with a "negative capital position" after a trader at the company bought up to $1bn worth of Apple shares around the time of the tech firm's recent results. The Wall Street Journal reports US securities watchdog Finra (the Financial Industry Regulatory Authority) is looking into a trader at Rochdale who received an order for Apple shares from a client, but bought 1,000 times the number requested - purchasing between $750m and $1bn worth of Apple stock. Since the company's Q3 results on 25 October, Apple's ...

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