INVESTORS: Former LPL Financial broker Bradley Allen Goodbred was named an SEC complaint alleging he stole over $1M from an elderly investment advisory client.

Bradley Allen Goodbred (CRD: 3184210) was registered as a broker with LPL Financial from 2009 until 2021.  Goodbred was previously registered as a broker with Banc One Securities from 1999 until 2000.

Goodbred has four disclosures on his BrokerCheck report. 

September 2022 Civil Judgment

Status: Pending

Initiated By: United States Securities and Exchange Commission

Allegations: Plaintiff U.S. Securities and Exchange Commission (“SEC”) alleges that the SEC brings this action against Defendant Bradley A. Goodbred (“Goodbred”) for stealing the money of an elderly investment advisory client (the “Client”) who currently suffers from dementia. From at least 2012 to 2020, Goodbred solicited the Client to transfer a total of $1,295,000 to one of Goodbred’s businesses to make purported investments in real estate investment trusts (“REITs”) on the Client’s behalf. On some occasions, the Client, with the advice and approval of Goodbred, sold securities in her account and transferred the proceeds to him to fund the purported investments in REITs. 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. Goodbred’s former financial institution terminated its association with Goodbred on February 1, 2021 after conducting an investigation into Goodbred’s conduct relating to the Client. Goodbred misappropriated a total of $1,295,000 from the client during 2012 through 2020. However, from 2013 to 2014, Goodbred repaid the Client a total of $306,665. Additionally, in March 2022, after Goodbred’s misconduct had been discovered, Goodbred repaid the client an additional $147,476. In August 2022, Goodbred’s former financial institution settled an arbitration claim brought by a successor trustee, whose responsibilities included responsibility over the Client’s financial affairs. As a result of the settlement, the Client has recovered the remaining losses that she suffered due to Goodbred’s theft. As a result of the conduct described in this Complaint, Goodbred violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Sections 17(a)(1), (2), and (3) of the Securities Act, and Sections 206(1) and (2) of the Advisers Act.

June 2022 Customer Dispute

Status: Settled

Allegations: 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.

Damage Amount Requested: $1,613,981.30

Settlement Amount: $1,225,000.00

February 2021 Regulatory Judgment

Status: Final

Initiated By: FINRA

Allegations: Without admitting or denying the findings, Goodbred 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 Goodbred’s termination from his former member firm. The findings stated that Goodbred’s 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.

Resolution: Acceptance, Waiver & Consent (AWC)

Bar: Bar (Permanent)

Registration Capacities Affected: All Capacities

Duration: Indefinite

Start Date: 2/16/2021

July 2021 Employment Separation After Allegations

Firm Name: LPL Financial LLC

Termination Type: Discharged

Allegations: Utilized unapproved power of attorney to facilitate distribution of customer funds to a real estate company representative owned and operated.

The Sonn Law Group is currently investigating allegations surrounding Bradley Allen Goodbred. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.

Sonn Law Group is investigating claims regarding Joel Eziekel Blum (CRD #4905379, Goshen, New York). Blum recently submitted an AWC in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 20 days. See FINRA Case #2014040186601. Blum was associated with Merrill Lynch from May 2008 until his termination in February 2014. Blum has been associated with Ameriprise Financial Services, Inc., since February 2014. The Form U-5 filed by Merrill Lynch to terminate Blum's registration states that he was discharged for "conduct including failure to contact clients in advance of entering orders in non-discretionary accounts and mismarking order tickets as unsolicited." FINRA found that Blum executed discretionary transactions in customer accounts without written authorization to do so. In addition, Blum mismarked order tickets in connection with these transactions, inaccurately indicating that the trades were unsolicited, according to FINRA. In entering into the AWC, Blum neither admitted or denied FINRA's findings. 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, Ameriprise or Merrill Lynch may be liable for investment or other losses suffered by Blum's customers. If you were a client of Ameriprise, Merrill Lynch, or Blum, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our "contact form."
Table of content
Related articles