Options for Clients of LPL Financial LLC Broker Rhett Bedwell
Posted on Monday, March 15th, 2021 at 10:16 pm
Were you the victim of former LPL Financial LLC broker Rhett Bedwell (CRD# 5664392), who is alleged to recommend his clients invest in what was found to be a Ponzi-like scheme?
Bedwell was registered with LPL Financial LLC in Rogers, Arizona from 2017 to 2019. Previously, Bedwell was registered with Arvest Wealth Management in Bentonville, Arizona from 2015 to 2017, and 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 Bedwell 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), Bedwell 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.
Bedwell has been the subject of two customer complaints between 2012 and 2020, according to his CRD report. The most recent complaint is regarding:
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 is currently pending.
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 Bedwell’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.