According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Rockwell (Rockwell), previously associated with Cetera Advisor Networks LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Rockwell recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on July 15, 2021.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Section 203(f) of the Investment Advisers Act of 1940 (‘Advisers Act’) against David Aaron Rockwell (‘Respondent’ or ‘Rockwell’).\<char_lb_r>\, \<char_lb_r>\, After an investigation, the Division of Enforcement alleges that Rockwell is a resident of Cape Coral, Florida. During the period of the misconduct described below, Rockwell was associated with two dually-registered broker-dealer and investment adviser firms, in Fort Myers, Florida-one from December 2015 through approximately November 2018 and the other from November 2018 through approximately June 2019. Rockwell also formed, owned, and operated Gralyn Financial Services LLC (‘Gralyn’), purported to be a financial service firm. From 2000 through 2015, Rockwell was associated with other broker-dealers registered with the Commission. In February 2020, FINRA barred Rockwell from association with any FINRA member in any capacity for failing to respond to a FINRA request for information. See FINRA case No. 2019062440602.\<char_lb_r>\, \<char_lb_r>\, On September 9, 2020, Rockwell was indicted on six counts of wire fraud in violation of Title 18, United States Code, Section 1343, and two counts of bank fraud in violation of Title 18, United States Code, Section 1344. On January 13, 2021, Rockwell pled guilty to the entire indictment (without a plea agreement) before the United States District Court for the Middle District of Florida, in United States v. David Aaron Rockwell, Case No. 2:20-cr-107, and the Court accepted his plea and adjudicated him guilty on January 21, 2021. On June 1, 2021, Rockwell was sentenced to 63 months in prison and forfeiture of $1,018,000.\<char_lb_r>\, \<char_lb_r>\, In connection with his plea, Rockwell admitted that beginning in October 2017, Rockwell began to convert and misappropriate monies belonging to his clients. Specifically, he applied for and obtained two lines of credit at a bank in the total amount of $700,000 in his clients’ names without their knowledge or permission, using his clients’ assets as collateral. Rockwell caused the bank to transfer the loan proceeds to an account at another bank in the name of his clients but that Rockwell controlled. Between November 2017 and July 2018, he wrote checks on this bank account payable to Gralyn totaling approximately $695,000, which he deposited into a Gralyn account he controlled. Rockwell used approximately $400,000 of the misappropriated funds to purchase a home in Fort Myers, FL with his then girlfriend.\<char_lb_r>\, \<char_lb_r>\, In connection with his plea, Rockwell further admitted that he also convinced a client to invest in a real estate company, which Rockwell touted as a great opportunity to invest in low income housing in Florida. In the Fall of 2018, Rockwell duped the client into providing Rockwell with $418,000 for the purpose of making certain real estate investments. However, Rockwell used at least $318,000 of the money for his own benefit (including paying credit card bills) rather than the intended use of real estate investments. He also bought Harley Davidson products and used funds to buy a home in Cape Coral, Florida in Gralyn’s name.\<char_lb_r>\, \<char_lb_r>\, In view of the allegations made by the Division of Enforcement, the Commission deems it necessary and appropriate in the public interest that public administrative proceedings be instituted.
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