Former LPL Advisor Arrested On Theft Charges

Posted on December 19th, 2022 at 2:14 PM
Former LPL Advisor Arrested On Theft Charges

From the Desk of Jim Eccleston at Eccleston Law.

Bradley Goodbred, a former LPL advisor who was recently charged with theft by the Securities and Exchange Commission (SEC), was arrested by suburban Chicago police last week.

Goodbred’s arrest related to a 2021 investigation “in which it was initially reported that Goodbred, acting as both a financial adviser and financial power of attorney for an elderly victim, misappropriated funds belonging to the victim between 2012 to 2020”, according to the Yorkville Police Department. According to Yorkville Police, Goodbred solicited one of his clients to make investments, but Goodbred instead misappropriated client funds for his own use.

The SEC charged Goodbred with misappropriating $1.3 million from an elderly client who suffers from dementia after LPL discharged Goodbred in January 2021, according to BrokerCheck. Goodbred was released after posting a bond of $25,000 and faces at least 20 charges related to the alleged misappropriation, according to Yorkville Police. Police records indicate that the charges include 12 felony counts of “financial exploitation of an elderly person or person with a disability.”

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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