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.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
