Articles Tagged with Ponzi Scheme

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Iorio Altamirano LLP is currently investigating former Coastal Equities, Inc. broker Kevin Canterbury who is facing three securities arbitration claims related to recommendations to invest in Direct Participation Program and Limited Partnership interests, believed to be private placement securities issued by GPB Capital. Kevin Canterbury operated his own independent advisory firm, Redstone Capital.

The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments.  These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss.  Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.

Mr. Canterbury was a broker at Coastal Equities, Inc. from 2012 until 2020.  Iorio Altamirano LLP is also investigating the sales practices and due diligence of Coastal Equities, Inc. related to its sale of GPB Capital funds.   Earlier this year, the SEC charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings.

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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.

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