[ by Melanie Gretchen ]

Rochdale Securities LLC continues to lose ground, as 2 co-heads of its equities institutional trading join rival firm Rafferty Capital Markets LLC, according to FINRA records.  Besides being co-heads at the firm's Stamford, CT, headquarters, the 2 collectively owned 20% to 50% of Rochdale.

Kristin Talgo and Hal Tunick's departure is the latest blow to the brokerage, whose unapproved $1 billion trade in Apple Inc. went sour.  According to two people with knowledge of the situation, the Apple purchase last month drained its cushion for losses, prompting regulators to prohibit it trading, which has left employees unable to earn commission.  Going forward, Rochdale president Daniel J. Crowley is looking for a rescue for the 37-year-old company, the people said, asking for anonymity because they weren’t authorized to comment publicly.

"If the senior people are bailing out, it’s obvious they don’t have much confidence." -- Richard Lipstein, managing director of New York-based recruiting firm Gilbert Tweed International. Lipstein, who hasn’t been involved in the moves, said the traders may have forfeited compensation by leaving.