LPL Financial Broker Steals $1 Million + From Dementia Patient
A 97 year old lady, currently under the care of a court-appointed guardian due to her dementia is the victim of an unscrupulous financial advisor who worked for LPL Financial.
According the recent suit filed by the Securities & Exchange Commission (SEC), between 2012-2020, former LPL Financial broker Bradley A. Goodbred solicited the client to transfer nearly $1.3 million dollars from her LPL Financial account to a business controlled by him purportedly for the purpose of investing in real estate investment trusts (REITs). According to the SEC filing, none of the money was used to make any investments for the client and he used her money for personal expenses and business expenses unrelated to any investments for the client.
Goodbred returned about $300,000 to the client around 2014 and another $147,000 in March 2022, after his misconduct was discovered. According to Goodbred’s FINRA report he worked in the Roselle, IL, branch of LPL Financial from 10/2009 until 2/2021, when he was discharged. LPL Financial makes the following allegation on his FINRA disclosures: “Utilized unapproved power of attorney to facilitate distribution of customer funds to a real estate company representative owned and operated”. LPL Financial paid a settlement of $1,225,000 to the elderly victim
Financial Exploitation of the Elderly-A Multi Billion Problem
A recent report on Elder Fraud 2021 published by the Federal Bureau of Investigation (FBI) reports that the number of elderly victims is rising at an alarming rate. The Internet Crime Complaint Center (IC3) is a key component to the FBI tracking of this fraud. In 2021, over 92,000 victim over the age of 60 reported losses of $1.7 billion, representing a 74% increase of losses reported in 2020. Key statistics from the report:
- $18,246- Average dollar loss per victim
- 3,133- Victims who lost more than $100,000
- Age range 40-59 losses of $1.3 billion
- Age range 40-49 losses of $1.2 billion
- States with most victims- California, Texas, Florida and New York
If you have a question about how your account at LPL Financial has been handled, or if you think you are a victim of Elder Abuse, call for a no charge consultation with an experienced securities attorney.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900