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March 03, 2021 at 03:06 PM
What You Need to Know
- The ex-LPL rep also allegedly moved a client's IRA to a different administrator and used forged documentation.
- The former rep voluntarily resigned from LPL and is no longer registered as a broker or RIA.
- He refused to turn over some documents to FINRA.
A former LPL Financial rep who allegedly invested a client’s money in a Ponzi scheme has been barred by the Financial Industry Regulatory Authority from associating with any FINRA member in all capacities.
Without admitting or denying FINRA’s findings, Rhett Douglas Bedwell signed a FINRA letter of acceptance, waiver and consent on Feb. 10 in which he agreed to the sanction. FINRA signed the letter Tuesday.
LPL and David R. Matthews, a partner at law firm Matthews, Campbell, Rhoads, McClure & Thompson in Rogers, Arizona, who represented Bedwell in the dispute, did not immediately respond to requests for comment Wednesday.
Bedwell was registered as a general securities representative through an association with LPL from 2017 to 2019, according to FINRA. On Aug. 9, 2019, LPL filed a Form U5 Uniform Termination Notice stating that Bedwell had voluntarily resigned from the firm.
On Sept. 9, 2020, LPL filed an amended Form U5 disclosing that Bedwell had been identified in a pending customer arbitration alleging that, in 2019, he “moved client[']s IRA to a different administrator and used forged documentation to invest claimant’s money in a Ponzi scheme,” according to FINRA.
On Nov. 6, 2020, LPL filed a second amended Form U5 disclosing an internal review of Bedwell’s activities because of allegations from customers, according to FINRA.
