SEC Charges Former Chicago LPL Advisor For Stealing $1.3 Million From Elderly Client

Posted on October 19th, 2022 at 3:09 PM
SEC Charges Former Chicago LPL Advisor For Stealing $1.3 Million From Elderly Client

From the Desk of Jim Eccleston at Eccleston Law.

The Securities and Exchange Commission (SEC) has charged a former LPL financial advisor for stealing nearly $1.3 million from an elderly client, who suffers from dementia, and utilizing the funds to cover personal and business expenses.

The Chicago-based advisor, Bradley Goodbred, worked for LPL from 2009 to 2021, according to BrokerCheck. Goodbred was barred from the securities industry last year for failing to cooperate with a Financial Industry Regulatory Authority (FINRA) investigation. Between 2012 and 2020, Goodbred solicited an elderly client, who now is 97 years old, to transfer money to fund purported investments in real estate investment trusts on her behalf, according to the SEC.

The SEC’s complaint further alleges that the client sold securities in her account and transferred the money to Goodbred, based on Goodbred’s advice, to fund the purported real estate investments. However, Goodbred failed to invest the client’s funds in REITs and instead used the money to cover personal and business expenses, according to the SEC. Goodbred misappropriated nearly $1.3 million and repaid the client $450,000, according to the complaint.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, law, sec

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