Rhett Douglas Bedwell, of Rogers, Arizona, a stockbroker formerly registered with LPL Financial LLC, is the subject of a customer initiated investment related complaint which was settled for $19,848.26 in damages on September 23, 2021, based upon allegations of the misuse of the customer’s funds during the time that he was registered with LPL Financial LLC.

According to the complaint, between 2019 and 2020, Bedwell caused the customer to move funds to an outside entity that Bedwell claimed to be involved with, at which time an unauthorized promissory note was purchased with the customer’s funds. The complaint also alleges that without the customer’s knowledge or consent, proceeds of the promissory note were transferred to a bank account that the customer did not own or control.

Bedwell has been identified in three more customer initiated investment related disputes concerning accusations of his wrongdoing while employed by securities broker dealers, including Edward Jones and LPL Financial. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that a customer filed an investment related complaint regarding Bedwell’s conduct where they sought compensatory damages founded on allegations of them not being made aware of the fees and the risks pertaining to their investments. According to the complaint, the customer was not placed into a no-risk investment contrary to their instructions.

On September 15, 2021, another customer initiated investment related FINRA securities arbitration claim involving Bedwell’s activities was resolved for $233,000.00 in damages supported by accusations of the customer’s individual retirement account assets being moved by Bedwell to another administrator and ultimately into a Ponzi scheme. FINRA Arbitration No. 20-02811.

Bedwell is also referenced in a customer initiated investment related written complaint which was settled for $355,772.08 on July 29, 2021, based upon allegations of the customer being told by Bedwell to liquidate their assets and transfer proceeds to a business entity in which Bedwell maintained an affiliation. The complaint alleges that without the customer’s authorization, their proceeds were placed into worthless promissory notes.

Bedwell has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he failed to comply with the regulator when he was investigated for allegedly causing a customer’s assets to be placed into a Ponzi scheme. Letter of Acceptance, Waiver, and Consent No. 2020067764001 (March 2, 2021).

According to the AWC, between September 14, 2020, and December 23, 2020, the regulator sent Bedwell letters requesting his documents and information. He was responsive to some requests but failed to comply with others. Bedwell’s legal counsel informed FINRA on February 10, 2021, that Bedwell would not comply with the regulator’s investigation going forward. The stockbroker violated FINRA Rules 2010 and 8210 for this reason.

Bedwell was registered with LPL Financial between November 10, 2017, and August 9, 2019.

 

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