National investment loss lawyers KlaymanToskes is investigating former broker Bradley Goodbred (CRD#: 3184210) of LPL Financial.
According to FINRA BrokerCheck, former broker Bradley Goodbred of LPL Financial, LLC has been sentenced to 6 years in prison for stealing more than $1 million from elderly client with dementia.
Investors that suffered losses with broker Bradley Goodbred are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Former LPL financial advisor Bradley Goodbred has been sentenced to 6 years in prison at the Illinois Department of Corrections after stealing nearly $1.3 million from an elderly client. According to Eric Weis, the state’s attorney for Kendall County, the victim suffered from dementia.
From October 2009 until January 2021, Goodbred was registered with LPL Financial at their Roselle, Illinois office as both a broker and investment advisor. His employment ended when the firm terminated him over allegations that he had used an unapproved power of attorney to distribute a customer’s funds to a real estate company he owned and operated.
According to public records, Goodbred obtained power of attorney from an elderly client in 2010. He then directed the now 97-year-old to invest in Northern Lights Properties, LLC, a company under his ownership. Instead of investing the client’s money as represented, Goodbred allegedly sold her securities and transferred the funds to himself to use for his own personal and business expenses unrelated to any real estate investments. According to the SEC, between at least 2012 and 2020, he misappropriated more than $1 million from the client.
In September 2022, the Securities and Exchange Commission (“SEC”) filed a civil action against Goodbred, accusing him of securities law violations.
According to the SEC’s complaint, a FINRA arbitration claim brought by the successor trustee was settled in August 2022.
FINRA BrokerCheck records state that a customer complaint was settled on August 12, 2022 for $1,225,000.
Former LPL Financial broker Bradley Goodbred entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with FINRA’s Department of Enforcement on February 16, 2021. The AWC disclosed that, “In January 2021, Goodbred refused to respond to an information request issued pursuant to FINRA Rule 8210, thereby violating FINRA Rules 8210 and 2010.” As a result, he was barred from associating with any FINRA member in all capacities.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Bradley Goodbred, or have concerns regarding your investment portfolio at LPL Financial, or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.