Did You Invest with Rhett Bedwell?
LPL Financial was censured and fined by the Financial Industry Regulatory Authority (FINRA) in connection with its failure to supervise Rhett Bedwell (CRD 5664392) on December 7, 2022. While not named in the acceptance, waiver, and consent letter, Bedwell is identified based on the details provided in the letter. FINRA imposed a fine of $150,000 for its failure.
Consent Order with LPL Financial
According to the consent order, LPL failed to investigate multiple red flags. LPL’s deficiencies included failure to investigate undisclosed outside business activities, monitor Bedwell’s social media accounts, or review emails indicating suspicious activity sent using his LPL emails address. In February 2019, three of Bedwelll’s customer at LPL surrendered annuities and sent the proceeds to an outside advisory firm. These transfers should have been monitored by LPL, but were not. From there, the funds were allegedly stolen by a third-party. In total, Bedwell caused five LPL customers to transfer over $650,000 to the outside advisory firm.
Rhett Bedwell Banned by FINRA
Without admitting or denying fault, Bedwell was banned by FINRA from operating in the securities industry on March 2, 2021.
Did you lose money with Rhett Bedwell?
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