Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that former broker/advisor Rhett Douglas Bedwell (CRD # 5664392) was recently barred from the securities industry by FINRA’s Department of Enforcement for fraud. The sanction occurred after he failed to provide information to FINRA during the course of an investigation into his termination for the handling of a customer’s IRA.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Bedwell.
Registration Background for Rhett Bedwell
Mr. Bedwell first became registered in the securities industry in 2009. He was most recently registered with Rogers, AZ based LPL Financial LLC. (CRD # 6413) from November 2017 to August 2019. His prior registrations include Arvest Wealth Management (CRD # 42057) from July 2015 to November 2017 and Investment Professionals, Inc. (CRD # 30184) from April 2015 to July 2015
FINRA’s Allegations Against Rhett Bedwell
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated March 2, 2021, Mr. Bedwell consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On September 9, 2020, LPL filed an amended Form U5 disclosing that [Mr.] 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 September 14, 2020, September 28, 2020, October 22, 2020, and December 23, 2020, FINRA sent letters to [Mr. Bedwell] requesting the production of information and documents pursuant to FINRA Rule 8210”;
- “Although [Mr.] Bedwell provided some of the information and documents requested in those letters, he failed to respond to certain of the requests”;
- “As stated during his counsel’s phone call with FINRA on February 10, 2021, and by this agreement, [Mr. Bedwell] acknowledges that he received FINRA’s requests and will not produce the outstanding information or documents requested at any time”; and
- By virtue of the above actions, Mr. Bedwell violated FINRA Rule 8210, regarding providing information requested by FINRA in an investigation; and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Rhett Bedwell
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s March 2, 2021 AWC also indicates that Mr. Bedwell consented to the following sanction(s):
- A bar from associating with any FINRA member in all capacities.
Rhett Bedwell Has A History of Customer Complaints
In addition to Rhett Bedwell being barred by FINRA from the securities industry for fraud, FINRA BrokerCheck for Mr. Bedwell reveals that he has a history of customer complaints and/or customer initiated arbitrations, including:
- On December 20, 2012 a customer initiated a written complaint against Mr. Bedwell regarding alleged actions that occurred while he was associated with Edward Jones (CRD # 250). The customer alleged that she wanted a safe investment with no risk. However, she was told annuity and told that it would not decrease. She also claimed that she did not know the fees would be so high. The customer further alleged damages in excess of $5,000.00. On January 14, 2013, the complaint was denied.
- On August 26, 2020 a customer initiated an arbitration with FINRA naming Mr. Bedwell as a respondent for alleged actions that occurred while he was associated with LPL Financial LLC. The customer alleged that Mr. Bedwell moved their IRA to a different administrator and used forged documentation to invest their money in a Ponzi scheme. The arbitration is currently pending.
If you or someone you know has or had a brokerage account with Rhett Douglas Bedwell and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.