He was registered with LPL Financial LLC in Rogers, Arizona, from 2017 to 2019. Previously, he was registered with Arvest Wealth Management in Bentonville, Arizona, from 2015 to 2017, with Investment Professionals, Inc. in Bentonville, Arizona, from April to July 2015, and previously with Wells Fargo Advisors, LLC in Springdale, Arizona, from 2012 to 2015.
In March 2021, FINRA barred him after he “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.” According to the Acceptance, Waiver, and Consent (AWC), he invested a client’s money into a Ponzi-like scheme, utilizing investments secured from an independent retirement account (IRA) that were obtained using forged documents.
Rhett Bedwell Customer Complaints
He has been the subject of four customer complaints between 2012 and 2021, according to his CRD report. The most recent complaint is regarding:
March 2021. “Customer alleges that representative caused her to transfer funds to business entity that representative purported to be affiliated with, and used funds to invest in an unsecured promissory note without the customer’s knowledge; and that thereafter representative returned the proceeds of the promissory note to the business entity and subsequently transferred the customer’s funds first to another broker-dealer and then to a bank account that was not the customer’s account, without the customer’s knowledge and consent. Activity period: 4/3/19 to 1/29/20.” The case was settled for $19,848.26.
October 2020. “Customer alleges that representative caused her to surrender two variable annuities, transfer proceeds and other funds to business entity that representative purported to be affiliated with, and used funds to invest in worthless unsecured promissory notes, without customer’s knowledge. Activity period: 2/26/19 to 4/25/19.” The claim was settled for $355,772.08.
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 case was settled for $233,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, LPL Financial LLC may be liable for investment or other losses suffered by Rhett Bedwell’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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