October 14, 2015- Fort Lauderdale, Florida
Denny P. Darmodihardjo , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from September 2009-July 2011 he engaged in excessive trading of three accounts and recommended unsuitable short-selling and margin use in transactions with a customer in violation of NASD and FINRA Rules.
According to the AWC, Darmodihardjo made the improper trades in the account of a retiree in his late 70’s who was living on a fixed income and caring for his adult child.
AWC No. 2012034029401
Darmodihardjo was fined $25,000 and suspended for 18 months.
According to FINRA records, Darmodihardjo was registered with Rockwell Global Capital from 12/2006-8/2015.
Excessive trading (also knows as “churning”) occurs when a broker exercises control over a customer’s account and the level of activity in that account is inconsistent with the customer’s investment objectives. financial situation, and needs.
Excessive trading or churning is generally measured by the turnover rate. which is the number of times the value of the account is turned over within a given period of time, and the cost-to-equity ratio, which represents the percentage of return on the customer’s average net equity needed to pay commissions and other account expenses over a given period of time.
Rockwell Global Capital has been a FINRA member since 2005 and is headquartered in Melville, NY.
If suffered losses in an account handled by Darmodihardjo, contact us to find out how you may be able to recover damages.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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