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Former Cetera Advisor Networks LLC Broker David Rockwell Investment Losses

Posted on Monday, September 23rd, 2019 at 8:44 pm    

Cetera Advisor Networks LLC

Were you the victim of former Cetera Advisor Networks LLC broker David Rockwell (CRD# 4236377)?

In July 2015, Rockwell’s registration was denied by the Florida Office of Financial Regulation, alleging “Making a material false statement on the application for registration.”

Rockwell was previously arrested twice prior to his employment at Cetera Advisors Networks.

According to public records, a former client of Rockwell and Cetera Advisor Networks LLC filed a FINRA arbitration, alleging negligence, breath of fiduciary duty, and negligent supervision.

The conserservative investor alleged that Rockwell diverted more than $400,000 from the customer’s IRA and annuity and moved it to another IRA, an Advanta IRA. It is alleged that Rockwell then invested all of that money to invest in a company that invested in low-income housing, which was put in the customer’s name, but controlled by Rockwell. It is alleged that Rockwell promised 7% annual returns. However, the lawsuit alleges that Rockwell instead wired all the money and diverted it for his personal use. The client has now lost the majority of his life savings.

The lawsuit alleged that despite Rockwell’s history of lying, arrests, and financial troubles, Cetera Advisor Networks did not put him on heightened supervision.

Rockwell was registered with Cetera Advisor Networks LLC in Fort Myers, Florida from 2015 to 2018 and with Cetera Advisor Networks LLC in Sewickley, Pennsylvania from June to August 2015, when he was terminated regarding, “representative’s registration was terminated after representative notified the firm that he had been charged with a felony.”

Rockwell was registered with Suntrust Investment Services, Inc. in Fort Myers, Florida from 2012 to 2015 and previously with Fifth Third Securities, Inc. in Fort Myers, Florida from 2009 to 2012.

In June 2019, Rockwell was terminated from World Choice Securities, Inc. regarding, “While at a previous broker-dealer customer established and funded an LLC with $400k and then transferred same to an LLC established by Rockwell for the purpose of (a) real estate deal(s) allegedly never made. No specific dates were given but implied 2016 to 2018.”

In September 2018, Rockwell was charged with and pled guilty to aggravated stalking.

Rockwell has been the subject of two pending customer complaints from 2019, according to his CRD report:

July 2019. “Clients allege Mr. Rockwell was involved in forgery and fraud regarding their accounts.” The customer is seeking $700,000 in damages and the case is currently pending.

June 2019. “Client alleges that Mr. Rockwell misappropriated money from his investment accounts to invest in a private security related to a company owned by Mr. Rockwell.” The customer is seeking $500,000 in damages and the case is currently pending.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cetera Advisor Networks LLC may be liable for investment or other losses suffered by Rockwell’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.