Real Estate Securities Investment Losses with Former LPL Financial LLC Broker Bradley Goodbred

LPL Financial LLC

Former LPL Financial LLC broker Bradley Goodbred (CRD# 3184210) is accused of real estate securities investment losses. He was registered with LPL Financial LLC in Roselle, Illinois from 2009 to 2021, when he was terminated regarding “Utilized unapproved power of attorney to facilitate distribution of customer funds to a real estate company representative owned and operated.”

In February 2021, FINRA barred Bradley Goodbred after he “consented to the sanction and to the entry of findings that he refused to respond to an information request issued by FINRA in connection with its investigation of his termination from his former member firm. The findings stated that his former firm filed a Form U5, stating that he had been terminated because he failed to disclose and obtain firm approval to act as power of attorney for a customer.”

In September 2022, the Securities and Exchange Commission (SEC) brought action against Bradley Goodbred for stealing money from an elderly investment advisory client who suffers from dementia. According to the complaint, he solicited the client to transfer nearly $1.3 million for investments in real estate investment trusts (REITs) between 2012 and 2020. However, “In reality, Goodbred did not use the client’s money to make any investments on behalf of the client. Instead, he used her money for personal expenses and business expenses unrelated to any purported investments.” 

According to public records, he was arrested in November 2022 related to the SEC charges related to the $1.3 million theft from an elderly client.

In December 2022, he was charged with 23 felonies, including:

  • 10 counts of financial exploitation of an elderly person (a Class 1 Felony)
  • two counts of financial exploitation of an elderly person (a Class 2 Felony)
  • seven counts of theft (a Class 1 Felony)
  • four counts of theft (a Class 2 Felony)

Bradley Goodbred Customer Complaints

He has been the subject of one customer complaint in 2022, according to his CRD report:

January 2022. “Customer alleges that representative caused her to execute a document appointing representative as her power of attorney, and that representative allegedly induced customer to invest in a fraudulent, unregistered security. Activity period 2009 to 2020.” The customer sought $1,613,981.30 in damages and the case was settled for $1,225,000. The complaint was regarding real estate security losses and took place while he was registered with LPL Financial LLC.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, LPL Financial LLC may be liable for investment or other losses suffered by Bradley Goodbred’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.