Bradley Allen Goodbred of Roselle Illinois a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he neglected to comply with a FINRA investigation into accusations of his outside business activities during the time that he was associated with LPL Financial. Letter of Acceptance Waiver and Consent No. 2021069226501 (Feb. 16, 2021).
According to the AWC, on February 1, 2021, FINRA was made aware from LPL Financial that Goodbred had been terminated. LPL Financial’s termination of Goodbred was based on allegations of his failure to get permission from the securities broker dealer to be a customer’s attorney-in-fact. Goodbred was accused by LPL Financial of having entered into a power of attorney in violation of company policy.
The securities broker dealer also indicated that distributions had been made from a customer’s brokerage accounts that were located at other financial institutions. Those distributions had allegedly been directed into the customer’s banking account. According to LPL Financial, $430,000.00 worth of checks were then made payable to a real estate company under Goodbred’s control through his outside business activity.
On January 19, 2021, Goodbred had been asked by FINRA to provide information and documents so that the regulator could establish whether Goodbred violated FINRA rules on outside business activities. On January 25, 2021, the regulator received a phone call from Goodbred’s legal counsel who confirmed that Goodbred would not provide any documents or information in FINRA’s investigation. FINRA determined that Goodbred’s conduct was violative of FINRA Rules 2010 and 8210.
Goodbred was registered with LPL Financial between October 29, 2009 and January 13, 2021.
