Rhett Bedwell Barred, Involved In LPL Client Disputes

FINRA Bars LPL Financial Securities Broker Rhett Bedwell After Investigating Client Disputes, Termination From LPL

The Financial Industry Regulatory Authority (FINRA) barred securities broker Rhett Douglas Bedwell (CRD#: 5664392, Rogers, Arkansas). This is to resolve allegations of his misconduct during the regulator’s investigation into his possible misuse of a client’s funds and possible forgery when he worked for LPL Financial (2017 to 2019). Moreover, investors filed disputes alleging sales practice violations by Bedwell. Here’s more on these disclosures.

FINRA Bars Rhett Bedwell For Investigation Mishap

Evidently, FINRA investigated Rhett Bedwell in 2019-2020 specifically regarding his termination from LPL Financial. Notably, LPL conveyed that Bedwell was identified in a client arbitration. That dispute contained allegations of Bedwell causing the client’s retirement funds to be inappropriately invested elsewhere. Also, LPL told FINRA about it internally reviewing Bedwell’s activities because of clients alleging misconduct.
FINRA investigations require member securities brokers to cooperate or else face a potential bar or other sanction. The financial industry watchdog investigated Rhett Bedwell in this case to determine if he violated industry rules given LPL Financials’ allegations. However, the securities broker did not want to give information or documents to FINRA. Evidently, by refusing, Bedwell violated FINRA rules and was met with an indefinite bar in all capacities as of March 2, 2021.

LPL Financial Client Alleges They Purchased Bad Promissory Notes Through Bedwell

Evidently, a client of LPL Financial took issue with Rhett Bedwell’s sales practices. In the October 2020 dispute, the client claimed that Bedwell caused them to move their money from annuities to other businesses that the securities broker claimed to involve himself with. Supposedly, he used the money for unsecured promissory notes unbeknownst to clients from February 2019 to April 2019. Allegedly, those notes are worthless. Because of this, LPL Financial opted to settle the matter through making a $355,772.08 payment to the client.

LPL Financial Client Alleges That Rhett Bedwell Possibly Forged Documentation

In an August 2020 FINRA Arbitration Claim, an LPL Financial client claimed that Rhett Bedwell moved their IRA into a different administrator. Then, Bedwell supposedly forged the client’s documents to move money into what the client referred to as a Ponzi scheme. This matter is ongoing, and the securities broker denies allegations of misconduct.

Did Bedwell Cause Your Investment Losses?

Apparently, Rhett Bedwell denies accusations of sales practice violations. Lost money by investing with this person? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with skilled counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has helped clients across the United States with recovering losses caused by their securities brokers and financial advisors.