A former Cetera Advisor Networks broker was sentenced last week in Fort Myers, Florida, to five years in federal prison for wire fraud and bank fraud.
The broker, David A. Rockwell, was registered with Cetera Advisor Network starting in June 2015 through November 2018, according to his BrokerCheck report.
Rockwell pleaded guilty in January.
Rockwell started his fraud and theft of clients' funds in October 2017, according to a statement from the Justice Department. He also defrauded a federally insured bank when he applied for two lines of credit, totaling $700,000, in the names of his clients without their knowledge or permission.
According to the Justice Department, Rockwell forged the clients’ signatures on the loan applications and pledged the clients’ assets as collateral for the loans, all without their knowledge or authorization. He used the funds that he had obtained from the loans for his own use and benefit.
Cetera Advisor Networks "discharged," meaning fired, Rockwell in November 2018 and he was later barred from the industry by the Financial Industry Regulatory Authority Inc.
A Cetera spokesperson did not return a call to comment.
According to BrokerCheck, Cetera has paid $630,000 to settle two customer complaints against Rockwell, while another claim of $700,000 in damages is pending.
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