LPL Financial Broker Bentley Beard Under Investigation for Real Estate Investment Complaint

A long-tenured broker with over three decades of experience, Bentley Thomas Beard (CRD#: 2024985) is now facing increased scrutiny following a pending arbitration case involving a real estate investment. The complaint, filed in 2024, raises concerns about the suitability of complex investment products recommended to retail clients. Given the risks associated with these types of securities, investors may be questioning whether their portfolios were managed appropriately.

We’ll review the details of the complaint, Beard’s professional background and what investors should know if they believe they were misled. Sonn Law Group is currently investigating the matter and encourages affected individuals to contact us for a free case review.

Customer Dispute Involving Real Estate Investment

In March 2024, a customer filed a FINRA arbitration claim (Case #24-00611) against LPL Financial broker Bentley Beard, alleging that a 2014 investment in a real estate income trust was unsuitable based on the client’s investment objectives and risk tolerance. While the specific damages sought are not listed, the filing notes that the amount exceeds $5,000.

Beard has denied any wrongdoing. In his BrokerCheck statement, he asserted that the client had over a decade of experience investing in alternatives and that the investment represented a small portion of the customer’s overall portfolio. He emphasized that the real estate trust was intended to diversify the client’s holdings and was deemed suitable based on the information available at the time.

The case remains pending.

Employment and Licensing History

Bentley Beard has been registered with LPL Financial since 1998 and currently operates out of Union City, Tennessee. His securities industry career spans more than 33 years, including previous registration with Edward D. Jones & Co., L.P. during two periods: 1990 and again from 1991 to 1998.

Beard holds active registrations in 26 U.S. states and territories and serves as an investment adviser representative in both Tennessee and Texas.

He has passed the following securities industry examinations:

• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination
• Series 51 – Municipal Fund Securities Principal Examination
• Series 31 – Futures Managed Funds Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination

Why Suitability Matters in Investment Recommendations

Under FINRA Rule 2111, brokers are required to recommend investments that align with a client’s financial goals, risk tolerance, and liquidity needs. To meet this obligation, brokers must evaluate each client’s unique profile and ensure any recommendation is both appropriate and reasonably understood by the investor.

Real estate income trusts (REITs), particularly those that are non-traded, are often illiquid and complex. These investments may involve long holding periods, limited redemption options and limited transparency. Because of these characteristics, brokers must carefully assess whether a REIT is suitable for a client and clearly disclose all relevant risks.

If a recommendation was unsuitable, both the broker and their firm — in this case, Bentley Beard and LPL Financial — may be held liable for any resulting losses.

What Investors Should Watch For

Even a single customer complaint can be a warning sign, especially when it involves complex, illiquid products like real estate investments. If you’re working with a broker and notice any of the following red flags, it may be time to take a closer look at your account:

• You weren’t clearly informed of the risks before investing.
• You’re unable to access or sell the investment when needed.
• Your portfolio is overly concentrated in a single asset class, like real estate.
• Your broker avoids questions or discourages you from raising concerns.
• You’ve been contacted about joining a legal claim involving your investment.

If any of these situations apply to you, or you simply have doubts about whether your investments were handled appropriately, consider speaking with a securities attorney to evaluate your options for recovery.

How Sonn Law Group Can Help

If you experienced losses after investing through Bentley Beard, you may have grounds for recovery. Sonn Law Group has over 30 years of experience holding brokers and firms accountable through FINRA arbitration and securities litigation.

Our firm, led by nationally recognized attorney Jeffrey Sonn, has helped investors nationwide recover millions in losses caused by unsuitable investment recommendations and supervisory failures. We offer free, confidential consultations and work on a contingency basis, meaning you won’t pay any legal fees unless we win your case. Contact us today to request your free case review and learn more about your legal options.