Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Rhett Douglas Bedwell from the securities industry. Mr. Bedwell was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation in whether Mr. Bedwell moved a client’s IRA to a different administrator and used forged documentation to invest the client’s money into a Ponzi Scheme.
Mr. Bedwell was a financial advisor with LPL Financial LLC (“LPL Financial”) in Rodgers, Arkansas, from November 2017 until his employment ended in August 2019. On September 9, 2020, LPL Financial disclosed that Mr. Bedwell had been identified in a pending customer arbitration alleging that in 2019, he moved a client’s IRA to a different administrator and used forged documentation to invest the client’s money into a Ponzi Scheme.
Before his employment with LPL Financial, Mr. Bedwell was a financial advisor at Arvest Wealth Management in Bentonville, Arkansas, from July 2015 until November 2017.
If you have suffered financial losses investing with Rhett Bedwell or LPL Financial LLC, or suspect inappropriate activity in your investment or retirement account, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as LPL Financial LLC and Arvest Wealth Management.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020067764001
Rhett Douglas Bedwell and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on March 2, 2021, after Mr. Bedwell refused to provide information and documents in connection with FINRA’s investigation into whether Mr. Bedwell moved a client’s IRA to a different administrator and used forged documentation to investment the client’s money into a Ponzi Scheme.
On September 14, 2020, September 28, 2020, October 22, 2020, and December 23, 2020, in connection with FINRA’s investigation, FINRA sent letters to Mr. Bedwell to produce information and documents pursuant to FINRA Rule 8210. Mr. Bedwell provided FINRA with some of the requested documents and information but failed to respond to other requests. On February 10, 2021, Mr. Bedwell, through counsel, stated on a phone call that he would not provide the remaining requested information or documents at any time.
By refusing to provide the information or documents, Mr. Bedwell violated FINRA Rule 8210. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.
Financial Advisor Rhett Douglas Bedwell (CRD# 5664392)
Rhett Bedwell had ten years of experience in the securities industry. He was employed and registered by the following brokerage firms:
- LPL Financial LLC in Rodgers, Arkansas, from November 2017 until August 2019.
- Arvest Wealth Management in Bentonville, Arkansas, from July 2015 until November 2017.
- Investment Professionals, Inc. in Bentonville, Arkansas, from April 2015 until July 2015.
- Wells Fargo Advisors, LLC in Springdale, Arkansas, from December 2012 until April 2015.
- Edward Jones in Springdale, Arkansas, from June 2009 until December 2012.
Mr. Bedwell’s public disclosure CRD report also discloses a $1,471.35 outstanding tax lien held by the State of Arkansas.
LPL Financial LLC – Supervisory Duties
Brokerage firms like LPL Financial LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as elder abuse and suitable investment recommendations, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Rhett Bedwell or LPL Financial LLC, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.