Bradley Allen Goodbred of Roselle, Illinois, a stockbroker formerly registered with LPL Financial LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $1,225,000.00 in damages based upon allegations that Goodbred caused her to execute a document appointing representative as her power of attorney, and induced her to invest in a fraudulent, unregistered real estate security in which Goodbred had an interest. FINRA Arbitration No. 22-00028 (Aug. 12, 2022).
FINRA Public Disclosure shows that Goodbred has been barred from associating with any FINRA member in any capacity based upon allegations that Goodbred failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules. FINRA Enforcement Action (AWC) No. 2021069226501 (Feb. 16, 2021).
LPL Financial LLC also discharged Goodbred in February 2021, based upon allegations that Goodbred misappropriated customer funds and transferred the funds to the stockbroker’s real estate company.
According to the AWC, on February 1, 2021, LPL Financial LLC terminated Goodbred due to allegations that he failed to notify and obtain approval from the firm regarding acting as power of attorney for a customer in violation of firm policy. It was further alleged that Goodbred used the power of attorney to deposit funds into the customer’s bank account, distribute funds from the customer’s outside advisory account, and had the customer provide him with personal checks totaling $430,000.00 that were made payable to a real estate company that was owned by Goodbred.
FINRA began an investigation into Goodbred based on a tip FINRA staff received. In connection with the investigation, FINRA sent a request to Goodbred for information and documents on January 19, 2021. Through his counsel, on January 25, 2021, Goodbred indicated that he received FINRA’s request but would not produce the information and documents. As a result, Goodbred violated FINRA Rules 2010 and 8210 and was barred by FINRA.
Goodbred was associated with LPL Financial LLC from October 29, 2009 to February 1, 2021.
