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Former Ceteral Advisors Network Broker, David Aaron Rockwell, Barred By FINRA For Failing To Respond To FINRA Request For Information

David Aaron Rockwell (CRD # 4236377) was a Financial Advisor at Cetera Advisor Networks LLC in Fort Myers, FL.  David Rockwell has been in the securities industry since since 2000 and previously worked at SunTrust Investment Services, Inc., Fifth Third Securities, Inc. and Comerica Securities.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2020, FINRA barred David Rockwell from associating “with any FINRA member in all capacities” for failing “to respond to FINRA request for information.”

In September 2015, the Florida Office of Financial Regulation denied David Rockwell’s application for registration after finding that he “made a material misstatement on the applications for registration.”

In July 2019, clients filed a customer complaint alleging that David Rockwell “was involved in forgery regarding their accounts.”  The clients alleged damages of $700,000, and the matter is currently pending.

In June 2019, a client filed a customer complaint alleging that David Rockwell “misappropriated money from his investment accounts to invest in a private security related to a company owned by Mr. Rockwell.”

That same month, World Choice Securities, Inc. “discharged” David Rockwell.  According to his CRD, “[w]hile 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.”

In November 2018, Cetera Advisor Networks, LLC “discharged” David Rockwell after he notified the firm that he had been charged with a felony.

Also according to his CRD, David Rockwell has the following criminal disclosures:

  • September 2018 – “Aggravated Stalking – Follow/Harrass/Cuberstalk/Credible Threat to Person.” He pled guilty to those charges.
  • May 2013 – “OPERATE-WHILE INTOX/IMPAIRED;” “FELONY ASSAULT WITH DANGEROUS WEAPON” He pled guilty to misdeameanor charges.

For a copy of David Rockwell’s CRD, click https://brokercheck.finra.org/individual/summary/2693601#disclosuresSection

Unapproved private securities transactions are referred to in the industry as “selling away.”  FINRA strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.

The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

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