FINRA has barred former LPL stockbroker Bradley Allen Goodbred from the securities industry for refusing to respond to an information request issued pursuant to FINRA Rule 8210.
On February 1, 2021, LPL terminated Goodbred’s registration by filing a Form U5, stating that Goodbred had been terminated because he failed to disclose and obtain the firms’ approval to act as power of attorney for a customer, in violation of firm policy. LPL stated that as a power of attorney, Mr. Goodbred requested and facilitated distributions of funds from his customer’s outside advisory accounts and deposited the funds into the customer’s bank account. He then had the customer provide him with personal checks totaling $430,000. The checks were made payable to a real estate company representative owned and operated as an outside business activity. Goodbred and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on February 16, 2021.
FINRA indicated that the matter originated from a tip received by FINRA staff on January 13, 2021.
If you have invested with Bradley Allen Goodbred or LPL Financial, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Bradley Allen Goodbred (CRD#: 3184210)
Goodbred entered the securities industry in 1999 and has been registered with the following FINRA members:
- LPL Financial LLC, Roselle, IL (October 29, 2009 – February 1, 2021); and
- Banc One Securities Corporation, Chicago, IL (June 9, 1999 – November 21, 2000).
FINRA Rules 8210 and 2010
Under FINRA Rule 8210(a), FINRA has the right to “require a … person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information … in writing, or electronically … with respect to any matter involved in the investigation, complaint, examination or proceeding that is in such … person’s possession, custody or control.” FINRA Rule 8210(c) provides that “[n]o member or person shall fail to provide information . . . pursuant to this Rule.”
FINRA Rule 2010 is a broad-encompassing rule that requires members and associated persons to observe high standards of commercial honor and just and equitable principles of trade.
Duty to Supervise
FINRA members, like LPL Financial, must properly supervise financial advisors and customer accounts. Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, and to supervise its financial advisors, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its brokers or the customers’ account activity, it may be liable for investment losses sustained by customers.
How to Recover Losses or Obtain a Free Consultation
If you have invested with Bradley Allen Goodbred or LPL Financial, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.