Financial Adviser Learns Prison Sentence For Stealing Over $1M From Victim With Dementia: Prosecutors

YORKVILLE, IL — A former financial adviser who stole more than $1 million from a woman suffering from dementia was sentenced July 22 to six years in prison, the Kendall County State's Attorney's Office said Friday.

Bradley Goodbred, formerly of Plano, entered a blind plea in April to one count of felony financial exploitation of an elderly person. The case proceeded to a contested sentencing hearing in front of Judge Jody Gleason, who also determined a term of probation would deprecate the seriousness of the offense since Goodbred had been "grooming" and preying on the victim, who was born in 1924, according to a news release.

An initial investigation determined that Goodbred stole nearly $340,000 from the woman between May 31, 2019, and Feb. 10, 2020. Then at the sentencing hearing, investigators shared that the man had, in fact, stolen a total of more than $1 milllion, going back to 2011, the state's attorney's office said.

At the time, Goodbred was a financial planner and adviser to the victim while he was employed by LPL Financial, a San Diego-based firm, where he worked from 2009 to 2021, according to a report from Investment News. He was appointed the victim's power of attorney in June 2010, officials said.

Officials said Goodbred approved requests for money to be withdrawn from her trust fund into her checking account, and from there, he would write checks to his own company, which would be transferred to his personal account.

"None of the monies that were transferred from the victim’s accounts were used for the benefit of her," officials wrote in the release.

The victim's court-appointed guardian reported to the Yorkville Police Department in January 2021 that Goodbred was taking advantage of the woman.

In 2022, the U.S. Securities and Exchange Commission charged Goodbred for stealing $1.295 million from a client with dementia, according to Investor Lawyers. He was permanently barred by the Financial Industry Regulatory Authority soon after.

"The elderly can, at times, be one of the most vulnerable segments of society as they can feel helpless and ashamed in these types of crimes," Kendall County State's Attorney Eric Weis said in a statement. "Without the commitment of all agencies involved to the protection of the public, the victim of this crime would not have seen justice. The Court in sentencing the defendant to prison sends a message that this type of conduct will not be tolerated in Kendall County."

Following his prison term, Goodbred will be required to serve one year of mandatory supervised release.