SEC Reportedly Charges Former LPL Advisor, Bradley Goodbred, with Fraud
On September 29, 2022 the Securities and Exchange Commission reportedly charged former financial advisor Bradley A. Goodbred with allegedly stealing $1,295,000 from an elderly client who currently suffers from dementia, and purportedly using the funds for his personal and business expenses.
Goodbred worked as a financial advisor in the Roselle, Illinois office of an SEC-registered broker-dealer and investment adviser, according to the complaint. According to his FINRA BrokerCheck report, Goodbred was reportedly affiliated with LPL Financial in Roselle, IL from October 2009 until February 2021.
The SEC alleges that from at least 2012 to 2020, Goodbred solicited one of his clients, now 97 years old, to send him money to make purported investments in real estate investment trusts on her behalf and to purportedly transfer the money to one of his businesses.
Goodbred allegedly persuaded the client to sell securities in her account and allegedly transfer the proceeds to Goodbred, according to the complaint. Goodbred purportedly failed to make investments in REITs or any other investments on the client’s behalf. Instead, he purportedly used the client’s money for his personal expenses and business expenses unrelated to any purported investments. The complaint alleged that Goodbred misappropriated a total of $1,295,000, and repaid the client a total of $454,141.
The complaint is reportedly seeking seeks injunctive relief, disgorgement, prejudgment interest, and civil penalties.
The Financial Industry Regulatory Authority (FINRA) reportedly barred Goodbred from working in the securities industry on February 16, 2021 after he allegedly refused to provide information in FINRA’s investigation regarding his alleged dismissal from LPL.
To learn more about the investigation, please see: Bradley Goodbred, Former LPL Advisor, Barred from Securities Industry
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.”
According to his broker profile, Goodbred’s outside business activities include Northern Lights Properties, LLC, Midwest Plan Advisors, and Midwest Wealth Management.
Recovery of Investment Losses
The White Law Group is investigating 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.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. 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 suffered investment losses with Bradley 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 and Seattle, Washington.
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