Advisor Alert: Our Attorneys Are Investigating Rhett Douglas Bedwell For Investment Fraud
Did You Lose Money Because of Rhett Bedwell?
Filed: November 6, 2023
Rhett Bedwell currently has one (1) pending judgment/lien event. Overall, he has been the subject of one (1) regulatory event, one (1) judgment/lien event, and four (4) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Rhett Douglas Bedwell.
Who Is Rhett Douglas Bedwell?
- Advisor Name: Rhett Douglas Bedwell
- Aliases: Rhett Bedwell
- CRD: 5664392
- Location: Rogers, Arkansas
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: LPL Financial LLC, Arvest Wealth Management, and Investment Professionals, Inc.
- Number of Known Customer Complaints: 4
- Number of Known Regulatory Events: 1
- Number of Known Judgment/Lien Events: 1
- Can Rhett Bedwell Be Sued: Yes, in Private Arbitration
- Can Rhett Bedwell’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $5,000
- Highest Settlement: $355,772.08
If you have suffered investment losses by Rhett Bedwell, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Rhett Bedwell For Broker Misconduct
As of this publication date, Rhett Bedwell has been the subject of 1 regulatory event, 1 judgment/lien event, and 4 customer disputes. Let’s review them below.
In March 2021, FINRA initiated a regulatory action against or in reference to Rhett Bedwell. Without admitting or denying the findings, Bedwell consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA during the course of its review of an amended Form U5 filed by his former member firm. The findings stated that the Form U5 disclosed that Bedwell had been identified in a pending customer arbitration alleging that he moved a client’s IRA to a different administrator and used forged documentation to invest the claimant’s money in a Ponzi scheme. Although Bedwell provided some of the information and documents requested by FINRA, he failed to respond to certain of the requests.
In March 2021, a complaint was filed against or in reference to Rhett Bedwell by a customer of LPL Financial LLC alleging that Mr. Bedwell caused the client to transfer funds to business entity that representative purported to be affiliated with, and used funds to invest in an unsecured promissory note without the customer’s knowledge; and that thereafter representative returned the proceeds of the promissory note to the business entity and subsequently transferred the customer’s funds first to another broker-dealer and then to a bank account that was not the customer’s account, without the customer’s knowledge and consent. On September 23, 2021, Mr. Bedwell settled the claim for $19,848.26, and some or all of this amount may have been paid by Mr. Bedwell’s employer and/or insurance carrier.
In October 2020, a complaint was filed against or in reference to Rhett Bedwell by a customer of LPL Financial LLC alleging that Mr. Bedwell caused the client to surrender two variable annuities, transfer proceeds and other funds to a business entity that the representative purported to be affiliated with, and used funds to invest in worthless unsecured promissory notes, without customer’s knowledge. On July 29, 2021, Mr. Bedwell settled the claim for $355,772.08, and some or all of this amount may have been paid by Mr. Bedwell’s employer and/or insurance carrier.
In August 2020, a FINRA arbitration was filed against or in reference to Rhett Bedwell by a customer of LPL Financial LLC alleging that Mr. Bedwell moved the client’s IRA to a different administrator and used forged documentation to invest claimant’s money in a Ponzi scheme in 2019. On September 15, 2021, Mr. Bedwell settled the claim for $233,000, and some or all of this amount may have been paid by Mr. Bedwell’s employer and/or insurance carrier.
In January 2019, Rhett Bedwell was the subject of a civil judgment or lien in the amount of $1,471.35. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In December 2012, a complaint was filed against or in reference to Rhett Bedwell by a customer of Edward Jones alleging that the purchased annuity contract is not what she expected and claims she was told the amount she invested would not decrease. She has learned there is an income benefit that will not go down; however, her principal can decrease. The client also claims she did not know the fees were so high. The client states she wanted a safe investment with no risk and the purchased annuity does not provide that. The client wants her invested money out of the annuity she purchased. Per the customer, she lost over $5,000 because of Mr. Bedwell’s actions.
How To File A Claim Against Rhett Bedwell (previously with LPL Financial LLC, Arvest Wealth Management, and Investment Professionals, Inc.) To Get Your Money Back.
If you have questions about Rhett Bedwell, LPL Financial LLC, Arvest Wealth Management, Investment Professionals, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.