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Ex-LPL Advisor Brad Goodbred Arrested for Theft 

Ex- LPL Advisor Brad Goodbred Arrested for Theft, featured by top securities fraud attorneys, the White Law Group

Broker Bradley Goodbred Faces Criminal Charges in addition to Civil Charges 

According to Investment News today, former LPL Financial advisor Brad Goodbred (CRD # 3184210) has been arrested for more than 20 charges of alleged theft. These charges run parallel to a civil investigation by the SEC. 

According to the statement from police, “Goodbred, acting as both a financial adviser and financial power of attorney for an elderly victim, misappropriated funds belonging to the victim between 2012 to 2020.” 

Goodbred, age 54, allegedly “solicited one of his clients and did not use the client’s money to make investments on the client’s behalf,” according to the charges. The statement alleges that Goodbred used the money for his own personal benefit. 

The charges reportedly include 12 felony counts of “financial exploitation of an elderly person or person with a disability.” Goodbred was reportedly released on a $25,000 bond. 

In September we reported that the SEC charged Goodbred with stealing $1.3 million from his advisory client who allegedly suffered from dementia. See: Bradley Goodbred allegedly stole $1.2 M from Elderly Client   

 The Financial Industry Regulatory Authority (FINRA) reportedly barred Goodbred last March after he reportedly refused to provide testimony in FINRA’s investigation regarding his alleged dismissal from his member firm, LPL Financial.  

Bradley Goodbred’s broker report indicates that he was registered with LPL Financial in Roselle, IL from 2009 until January 2021 when he was discharged for allegations that he “utilized undisclosed power of attorney to request and facilitate distributions of funds from customer’s outside advisory accounts, deposit customer funds into customer’s bank account, and then had customer provide representative with personal checks totaling $430,000 made payable to a real estate company representative owned and operated as an outside business activity.” 

Goodbred’s outside business activities include Northern Lights Properties, LLC, Midwest Plan Advisors, and Midwest Wealth Management, according to his broker profile, 

Potential Lawsuits to Recover Investment Losses 

The White Law Group continues to investigate potential securities fraud claims involving Bradley Goodbred and the liability his former employers may have for failure to properly supervise him. 

Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules. 

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees. 

If you are concerned about investments with Brad Goodbred and LPL Financial, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation or visit us on the web at www.whitesecuritieslaw.com

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois. 

To learn more about the investigation, please see. Bradley Goodbred Barred from Securities Industry 






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