Former LPL Financial Broker Rhett Bedwell Barred by FINRA After Ponzi Fraud Allegations

April 16, 2021 Author: Brian Levin
Professional Buildings

Bedwell Allegedly Forged Customer Documents Before Investing Retiree’s Money

Former LPL Financial broker Rhett Douglas Bedwell (CRD#: 5664392) has been barred by the Financial Industry Regulatory Authority (FINRA) after failing to comply with requests for information and documents related to an investigation. Bedwell allegedly forged customer documents transferring a customer’s IRA to an IRA custodian before investing the retiree’s money in a Ponzi scheme.

Levin Law, P.A. represents individual and institutional investors who have suffered losses due to stockbroker fraud and other forms of financial misconduct. Brokerage firms can be held liable through a FINRA arbitration for the negligence, fraud, or misrepresentations of their representatives as well as for a failure to supervise. 

If you have suffered losses as a result of a financial professional’s wrongdoing, contact Levin Law, P.A. at (305) 402-9050 or email contact@levinlawpa.com for a free consultation. 

Broker Disciplinary Background

According to publicly available information, Rhett Bedwell was registered as a General Securities Representative with LPL Financial LLC (“LPL Financial”) from November 2017 until August 2019. On August 9, 2019, LPL Financial filed a Uniform Termination Notice for Securities Industry Registration (Form U5), notifying FINRA that Bedwell had voluntarily resigned.

An amendment to Form U5 was subsequently filed by LPL Financial, indicating that a customer had filed a dispute alleging that in 2019 he moved their “IRA to a different administrator and used forged documentation to invest claimant’s money in a Ponzi scheme.” In a second amendment, LPL disclosed that they had initiated an internal review of the matter.

The customer dispute regarding allegations that Mr. Bedwell used forged documents to transfer a customer’s IRA to a different administrator and invested the customer’s money in a Ponzi scheme is currently pending. 

Violation of FINRA Rules 8210 and 2010

As noted in the Letter of Acceptance, Waiver, and Consent, Mr. Bedwell failed to provide requested information and documents pursuant to FINRA Rule 8210 concerning LPL Financial’s Form U5 filing. FINRA Rule 8210 requires that members provide information “with respect to any matter involved in [a FINRA] investigation.” 

By failing to comply with multiple requests for information, Mr. Bedwell also violated FINRA Rule 2010, which requires members to “observe high standards of commercial honor and just and equitable principles of trade.” As a result of violating FINRA Rules 8210 and 2010, Mr. Bedwell was barred from associating with any FINRA member in all capacities.

Contact Levin Law, P.A. for a Free Consultation

If you believe that you have suffered losses because of a stockbroker’s, investment advisor’s, or other financial professional’s misconduct or negligence, contact Levin Law, P.A. for a free case evaluation. Investors might be entitled to recover losses through a FINRA arbitration claim. Levin Law managing partner Brian Levin has recovered millions of dollars on behalf of investment fraud victims nationwide.

Call (305) 402-9050 or submit an email directly to managing partner Brian Levin at contact@levinlawpa.com. Levin Law accepts most cases on a contingency-fee basis meaning that clients are not obligated to pay Levin Law’s attorney fees unless money is recovered on their behalf.

About Levin Law

Levin Law is a premier national securities and class action law firm.  Brian Levin, Levin Law’s managing attorney, has obtained settlements and recoveries over $100,000,000 in assets through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.

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