Rhett Bedwell, Previously Registered Financial Advisor at LPL Financial, LLC, Indefinitely Barred by FINRA for Refusing to Cooperate in an Investigation Regarding A Ponzi Scheme
Rhett Bedwell (CRD#: 5664392) is a previously registered Investment Advisor and previously registered Broker who was employed by LPL Financial, LLC in Rogers, AR. He entered the securities industry in 2009 and previously worked for Arvest Wealth Management; Investment Professionals, Inc.; Wells Fargo Advisors, LLC; and Edward Jones.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2021, FINRA sanctioned Rhett Bedwell, barring him indefinitely from acting as a broker or otherwise associating with a broker-dealer firm, effective March 2, 2021. The FINRA sanction states, “Without admitting or denying the findings, Bedwell consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA during the course of its review of an amended Form U5 filed by his former member firm. The findings stated that the Form U5 disclosed that Bedwell had been identified in a pending customer arbitration alleging that he moved a client’s IRA to a different administrator and used forged documentation to invest the claimant’s money in a Ponzi scheme. Although Bedwell provided some of the information and documents requested by FINRA, he failed to respond to certain of the requests.”
For a copy of the FINRA sanction, click here.
In addition, Rhett Bedwell has been the subject of several customer complaints, including one that remains pending:
● August 2020 “Claimant alleges that in 2019 representative moved clients IRA to a different administrator and used forged documentation to invest claimant’s money in a Ponzi scheme.” The customer dispute remains pending.
● January 2019 A judgment/lien of $1,471.35 was levied against Rhett Bedwell.
● December 2012 “ON SEPTEMBER 21, 2012 CLIENT CLAIMS THE PURCHASED ANNUITY CONTRACT IS NOT WHAT SHE EXPECTED AND CLAIMS SHE WAS TOLD THE AMOUNT SHE INVESTED WOULD NOT DECREASE. SHE HAS LEARNED THERE IS AN INCOME BENEFIT THAT WILL NOT GO DECREASE; HOWEVER, HER PRINCIPAL CAN DECREASE. CLIENT ALSO CLAIMS SHE DID NOT KNOW THE FEES WERE SO HIGH. CLIENT STATES SHE WANTED A SAFE INVESTMENT WITH NO RISK AND THE PURCHASED ANNUITY DOES NOT PROVIDE THAT. CLIENT WANTS HER INVESTED MONEY OUT OF THE ANNUITY SHE PURCHASED.” The customer dispute was denied.
For a copy of Rhett Bedwell’s FINRA BrokerCheck, click here.
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.
When a complaint is filed against an investment advisor with FINRA, the regulatory agency conducts an investigation. Per FINRA rules, the investment advisor is expected to cooperate with the investigation. That cooperation includes providing requested documents and answering questions in a timely manner; failing to do so is a violation of Rule 8210. This rule is in place to ensure that FINRA can complete a thorough and transparent investigation into alleged misconduct, ensuring a fair and just remedy for the investor, where appropriate.
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 firstname.lastname@example.org.