FINRA Reportedly Bars Broker Bradley Goodbred in connection with Alleged Outside Business Activities
According to public records, the Financial Industry Regulatory Authority (FINRA) has barred financial advisor Bradley Goodbred (CRD # 3184210) from the securities industry this week. Goodbred reportedly refused to provide testimony in FINRA’s investigation regarding his alleged dismissal from his member firm, LPL Financial.
Bradley Goodbred’s broker report indicates that he was registered with LPL Financial in Roselle, IL from 2009 until January 2021 when he was discharged for allegations that he “utilized undisclosed power of attorney to request and facilitate distributions of funds from customer’s outside advisory accounts, deposit customer funds into customer’s bank account, and then had customer provide representative with personal checks totaling $430,000 made payable to a real estate company representative owned and operated as an outside business activity.”
According to his broker profile, Goodbred’s outside business activities include Northern Lights Properties, LLC, Midwest Plan Advisors, and Midwest Wealth Management.
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The White Law Group is investigating potential securities fraud claims involving Bradley Goodbred and the liability his former employers may have for failure to properly supervise him.
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about investments with Bradley Goodbred and LPL Financial, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, or visit us on the web at www.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.