A former LPL Financial broker and registered representative was arrested in Illinois on Wednesday by the Yorkville Police Department on an arrest warrant from Kendall County, Illinois, that stemmed from a 2021 investigation into his alleged theft of $1.3 million from an older client with dementia, according to the Yorkville Police Department.
The police, acting with approval from the Kendall County State's Attorney's Office, charged Bradley A. Goodbred with 23 felonies: 10 counts of financial exploitation of an elderly person (a Class 1 Felony), two counts of financial exploitation of an elderly person (Class 2 Felony), seven counts of theft (Class 1 Felony), and four counts of theft (Class 2 Felony), according to police.
On Sept. 29, 2021, the Securities and Exchange Commission charged Bradley A. Goodbred with stealing $1.295 million from the client, who had dementia, at the time and then using the funds for his personal and business expenses.
According to the SEC's complaint, Goodbred worked as a registered representative and investment advisor representative in the Roselle, Illinois, office of an SEC-registered broker-dealer and investment advisor.
Although the SEC complaint did not identify the firm, the former broker was with LPL from 2009 to 2021, according to his report on the Financial Industry Regulatory Authority's BrokerCheck website.
LPL terminated Goodbred on Jan. 13, 2021, for using "unapproved power of attorney to facilitate distribution of customer funds to a real estate company representative," according to a disclosure on his report.
LPL did not immediately comment on Friday.
