NorthStar Financial Services (Bermuda)Learn More Here. Se Habla Español.

Former Cetera Advisors Network Broker David Rockwell Sentenced To Prison For Fraud

Ex-Fort Meyers, Florida Financial Advisor Misappropriated $1.02M From Investors 

A former Cetera Advisors Network registered representative, David Aaron Rockwell, has been sentenced to 63 months in federal prison for multiple counts of bank fraud and wire fraud. According to the US Justice Department, Rockwell defrauded investors of over $1.02M and used their money to pay his credit card debt and purchase a house. 

Court documents state that while overseeing retirement and investment clients for customers, Rockwell began to take investors’ funds in 2017. He allegedly defrauded a federally insured bank by applying for $700K in credit lines under a client’s name without that person’s knowledge or consent. Rockwell is also accused of convincing another client to invest $400K in low-income housing and instead, using the money to cover his debt and buy the home. 

Contact our experienced investment fraud attorneys if you believe you suffered losses as a result of David Rockwell’s fraudulent activities.

FINRA Barred Rockwell, Cetera Advisors and World Choice Securities Fired Him 

Rockwell, who has multiple disclosures on his BrokerCheck record, was barred by the Financial Industry Regulatory Authority beginning in February 2020. Cetera Advisors Network fired him in 2018 after he told them he had been charged with the felony crime of aggravated stalking. After pleading guilty to an amended charge, the criminal case was dismissed. 

He then became a World Choice Securities broker. That firm also let him go after discovering that one of his clients had set up a limited liability company with Rockwell that involved a supposed $400K real estate transaction that never occurred.  

David Aaron Rockwell worked for 17 years in the industry. He used to be registered with other broker-dealers, including SunTrust Investment Services, Fifth Third Securities, and Comerica Securities.

Other Disclosures Of Note Involving the Ex-Cetera Broker

Below are several of the customer disputes that claim the actions of the former Cetera Advisors Network broker resulted in investment losses:

  • 9/2020: A $415K settlement was reached with a customer who contends that Rockwell got a loan in the claimant’s name without their permission. 
  • 7/2019: This claimant, who is alleging forgery and fraud, is seeking $700K in damages.

After he gets out of prison, Rockwell will spend several years under supervised release. He also will need to have spent time in mental health and substance abuse treatment programs.  

Representing Investors With Broker-Fraud Claims Against Cetera

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent clients who have suffered losses because of the negligent or fraudulent actions of Cetera registered financial advisor David Rockwell or any other brokers from a Cetera firm. 

In Florida, call our securities fraud lawyers at (813) 560-2992. Throughout the rest of the United States, reach us toll-free at (800) 259-9010 today.

Contact Information