Rhett Douglas Bedwell of Rogers Arizona a stockbroker formerly registered with LPL Financial LLC 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 being investigated for using forged documentation to transition a customer’s assets into a Ponzi scheme. Letter of Acceptance Waiver and Consent No. 2020067764001 (Mar. 2, 2021).
According to the AWC, on August 9, 2019, FINRA was made aware from LPL Financial that Bedwell’s employment was terminated. By September 9, 2020, FINRA was made aware that he was the subject of a customer initiated investment related FINRA securities arbitration claim containing accusations of him moving the customers’ individual retirement account (IRA) to a different company. Bedwell was also accused by the customer of using forged documents to initiate the transfer of their assets into a Ponzi scheme.
Between September 14, 2020 and December 23, 2020, the regulator sent at least four letters to Bedwell that called upon him to provide documents and information in response to the allegations against him. The stockbroker failed to fully respond to FINRA’s requests. On February 10, 2021, FINRA received confirmation that he refused to fully comply with its requests for information and documentation. Bedwell was barred for obstructing FINRA’s investigation.
Bedwell has been identified in two customer initiated investment related disputes. FINRA Public Disclosure reveals that a customer filed an investment related complaint concerning Bedwell’s conduct in which they requested compensatory damages based upon accusations that they were provided with false information concerning the terms and fees of an annuity. The complaint also alleges that the customer had been placed into investments that failed to align with their risk tolerance.
Bedwell is referenced in another customer initiated investment related FINRA securities arbitration claim where the customer sought compensatory damages supported by allegations of their assets being directed into a Ponzi scheme by Bedwell while he was registered with LPL Financial. FINRA Arbitration No. 20-02811 (Aug. 28, 2020). The claim also alleges forgery.