FINRA Reportedly Bars Broker Rhett Bedwell after Allegations of Unauthorized investment in a Ponzi-scheme
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred financial advisor Rhett Bedwell (CRD #5664392) from the securities industry after he reportedly failed to provide information in FINRA’s investigation into circumstances of a customer complaint alleging an unauthorized investment in a Ponzi-scheme.
Rhett Bedwell’s broker report indicates that he was registered with LPL Financial in Rogers, Arkansas from November 2017 until August 2019.
According to a Letter of Acceptance Waiver and Consent (AWC), on September 9, 2020, LPL filed an amended Form U5 disclosing that Bedwell had been identified in a pending customer arbitration alleging that in 2019, he “moved client[‘]s IRA to a different administrator and used forged documentation to invest claimant’s money in a Ponzi scheme.”
On November 6, 2020, LPL reportedly filed a second amended Form U5 disclosing an internal review of Bedwell’s activities because of allegations from customers.
According to Bedwell’s broker profile, he has worked at 5 different firms during his 10 years in the securities industry. His disclosure events include 2 customer complaints and 1 judgment/lien.
For FINRA’s full findings see FINRA Case NO.2020067764001.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities fraud claims involving Rhett Bedwell and the liability his former employer, LPL Financial, may have for failing to properly supervise him.
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about investments with Rhett Bedwell and LPL Financial, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, or visit us on the web at www.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.
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