Kendall County State’s Attorney’s Office, SEC charge financial adviser in theft of $1.2M from elderly victim

YORKVILLE - An Aurora financial adviser faces federal and local felony charges in connection with the theft of more than $1.2 million from an elderly client over an eight-year period.

In a statement, Yorkville police identified the suspect as Bradley A. Goodbred, 54, of the 1000 block of Stockton Court.

Police said the Kendall County State’s Attorney’s Office has charged Goodbred with 12 felony counts of financial exploitation of an elderly person and 11 felony counts of theft.

In a separate statement, the U.S. Securities and Exchange Commission (SEC) has additionally charged Goodbred in federal court with violations of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940.

Police arrested Goodbred on a Kendall County warrant at 10:46 a.m. Nov. 30. He was transported to the Kendall County Jail in Yorkville where his bail was set at $250,000, according to the sheriff’s office.

Goodbred’s arrest was the result of a Yorkville police and SEC investigation that began last year.

According to the SEC’s complaint, Goodbred worked as a registered representative and investment adviser in the Roselle office of an SEC-registered broker-dealer and investment adviser.

The SEC complaint alleges that from at least 2012 to 2020, Goodbred solicited one of his clients, now 97 years old, to send him money to make purported investments in real estate investment trusts (REITs) on her behalf and to transfer the money to one of his businesses.

The complaint further alleges that to fund some of the purported investments, the client, with the advice and approval of Goodbred, sold securities in her account and transferred the proceeds to Goodbred.

According to the complaint, Goodbred did not use the client’s money to make investments in REITs or any other investments on the client’s behalf. Instead, he used the client’s money for his personal expenses and business expenses unrelated to any purported investments.

The complaint alleges that Goodbred misappropriated a total of $1,295,000, and repaid the client a total of $454,141.

In their statement, Yorkville police said they wished to thank the SEC for their assistance in the investigation and the Aurora Police Department for their help with the apprehension of Goodbred.

Steven Klawans and Scott Hlavacek of the SEC’s Chicago regional office supervised the agency’s investigation.