Already facing civil charges of theft from the Securities and Exchange Commission, Bradley A. Goodbred, who was registered with LPL Financial from 2009 to 2021, was arrested last week by local police in suburban Chicago.
Goodbred's arrest last Wednesday stemmed from a 2021 investigation "in which it was initially reported that 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," according to a statement by the Yorkville Police Department.
"Goodbred solicited one of his clients and did not use the client's money to make investments on the client's behalf," the police department's statement said. "Instead, he used the client's money for his personal gain."
The statement didn't indicate how much money Goodbred, 54, allegedly stole, but in September the SEC charged him with stealing $1.3 million from the client, who currently suffers from dementia. LPL Financial "discharged," meaning fired, Goodbred in January 2021, according to his BrokerCheck profile.
Goodbred did not return a call Tuesday morning to comment.
According to police records, he was released after posting a bond of $25,000 and faces more than 20 charges related to the alleged theft. The charges include 12 felony counts of "financial exploitation of an elderly person or person with a disability."
Goodbred was barred from the securities industry last year for not cooperating with an investigation by the Financial Industry Regulatory Authority Inc.
The SEC complaint from September alleged that from 2012 to 2020, Goodbred solicited one of his clients, who’s now 97 years old, to send him money to make purported investments in real estate investment trusts on her behalf and to transfer the money to one of his businesses. The complaint further alleged that to fund some of the purported investments, the client, with Goodbred’s advice and approval, sold securities in her account and transferred the proceeds to Goodbred.
A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.
The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.
Its SEC filings said one thing - a congressional probe said another.
Sham agreements allegedly padded revenue by 345%.
"Most pre-retirees are uncomfortable making key retirement income decisions without an advisor's help," said Chris Bailey of Cerulli.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
