Home Alts News SEC Charges Former LPL Rep with Defrauding Elderly Client

SEC Charges Former LPL Rep with Defrauding Elderly Client

The Securities and Exchange Commission charged Bradley A. Goodbred, a former investment professional, with stealing $1.3 million from an elderly client, who currently suffers from dementia.

image_pdf

The Securities and Exchange Commission charged Bradley A. Goodbred, a former registered representative with LPL Financial, with stealing $1.3 million from an elderly client, who currently suffers from dementia, and using the funds for his personal and business expenses.

The complaint alleges that, for at least eight years, 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 transfer the money to one of his businesses.

According to the SEC’s complaint, the client, with the advice and approval of Goodbred, sold securities in her account and transferred the proceeds to Goodbred who did not use the client’s money to make investments in REITs or any other investments on the client’s behalf. Instead, he used the client’s money for his personal expenses and business expenses.

Goodbred repaid the client a total of $454,141. He was terminated by LPL in February 2021 and was permanently barred from the securities industry by FINRA later that year for failing to respond to an information request in connection with their investigation into his termination.

Click here to visit The DI Wire directory page.