Rhett Bedwell Investigation
November 2021- Rogers, AR
The FINRA records of Rhett Bedwell , a former financial advisor who was last employed by LPL Financial disclose a regulatory event and three prior customer disputes.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March of 2021 in FIRNA case #2020067764001, Bedwell consented to the sanction and to the entry of findings that he refused to produce information and docuemnts 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. Bedwell was permanently barred in all capacities from FINRA.
In September of 2021, an LPL Financial customer alleged that Bedwell caused her to transfer funds to business entity that he purported to be affiliated with, and used funds to invested in an unsecured promissory note without the customer’s knowledge and consent. The case settled for $19,848.
In October of 2020, an LPL Financial customer alleged that Bedwell caused her to surrender two variable annuities, transfer proceeds and other funds to business entity that he purported to be affiliated with and used funds to invest in worthless unsecured promissory notes without the customer’s knowledge. The case settled for $355,772.
In August of 2020, another LPL Financial customer alleged that Bedwell moved clients IRA to a different administrator and used forged documentation to invest claimant’s money in a Ponzi scheme. This case settled for $233,000.
Rhett Bedwell was with LPL Financial from November 2017 until August of 2019. He was registered with Cornerstone Wealth Management, Arvest Wealth Management, Investment Professions, Wells Fargo Advisors and Edward Jones before that time.
If you have losses in an account handled by Rhett Bedwell contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900