FINRA Arbitration Panel Orders Charles Schwab To Pay Over $1.3M After 82-Year-Old Customer Was Victim of Crypto Scam

Published on: September 27, 2026 | by Shepherd Smith Edwards & Kantas, LLP

Outside Third Party Made Wire Transfers From Trust Account To Commit Elder Financial Abuse

A FINRA arbitration panel ordered Charles Schwab to pay over $1.3 million to the estate of an 82-year-old customer after failing to prevent third-party wire transfers linked to a cryptocurrency scam. The article highlights that brokerage firms can be held liable for failing to protect customer accounts from elder financial exploitation and notes that victims of such scams can seek legal recovery.

A Financial Industry Regulatory Authority arbitration panel awarded the sons of a deceased customer nearly $1.34M in compensatory damages after finding that Charles Schwab & Co. failed to stop a third-party from accessing the investor’s money and illegally transferring assets in a scam involving Okcoin cryptocurrency. The Claimants contend that Schwab neglected to properly safeguard the account or respond to warning signs of senior financial exploitation. They are accusing the firm of breach of fiduciary duty, breach of contract, negligence, and more.

Holding Firms Accountable: Suing Broker-Dealers with Elder Financial Abuse Attorneys

Published on: December 1, 2025 | by Shepherd Smith Edwards & Kantas, LLP

What Should I Do If My Parent Becomes The Victim of Elder Financial Abuse By Their Broker? Shepherd Smith Edwards and Kantas Elder Financial Abuse Lawyers Can Help You Determine Your Next Steps

If your mother, father, or another elderly person you care for has sustained serious losses to their retirement money due to elder financial exploitation by a broker or investment adviser, please contact Shepherd Smith Edwards and Kantas (investorlawyers.com) today.

Many people think of senior financial abuse as a crime committed by ill-meaning family, friends, caregivers, acquaintances, or scammers. What a lot of people don’t realize is that it can also be carried out by financial professionals.

What Is Elder Financial Abuse?

Published on: January 18, 2023 | by Shepherd Smith Edwards & Kantas, LLP

Suing Brokerage Firms for Elder Financial Abuse

Ex-LPL Financial Broker Bradley Goodbred Charged In Alleged $1.3M Senior Investor Fraud

In Illinois, former LPL Financial stockbroker Bradley Allen Goodbred was arrested and charged with 23 felonies, including multiple classes of a felony involving both the exploitation of an elderly person and theft. Goodbred, who also was charged late last year by the US Securities and Exchange Commission (SEC) with stealing $1.295M from a client with dementia, was fired by the broker-dealer in January 2021. He was permanently barred by the Financial Industry Regulatory Authority (FINRA) a month later.

How to Recognize Elder Financial Abuse

Published on: October 25, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-LPL Financial Broker Bradley Goodbred Is In Trouble For Alleged $1.3M Elder Financial Abuse

How Senior Investors Can Pursue Damages Over Their Investment Losses

The US Securities and Exchange Commission (SEC) recently filed charges against former LPL Financial broker Bradley Allen Goodbred. The ex-Chicago financial advisor, who was barred from the Financial Industry Regulatory Authority (FINRA) in 2021 for not cooperating in the self-regulatory organization’s (SR0’s) probe, is accused of stealing $1.3M from an older client with dementia.

Raymond James Pays $500K After Broker is Accused of Elder Financial Abuse

Published on: October 6, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Raymond James Pays $500K After Broker is Accused of Elder Financial Abuse

Broker-Dealer Allegedly Failed To Supervise Ex-Stockbroker Frederick Stow Who Stole Older Investors’ Money

Unfortunately, elder financial abuse continues to be a huge problem. In many instances, the perpetrators have been financial professionals, including those who are registered brokers at well-known brokerage firms. If you (or someone you love) are a senior investor who has suffered losses that you suspect may be caused by broker misconduct or negligence, it is important that you explore your legal options right away.

Ex-IFS Securities Broker Steven Schisler Barred Following Unsuitable Investment Recommendations

Published on: March 21, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-IFS Securities Broker Recommended Promissory Note to Elderly Investors

The Financial Industry Regulatory Authority (FINRA) has barred ex-IFS Securities registered representative Steven Douglas Schisler beginning January 31, 2022. Schisler, who works out of the Greater Sacramento, California area, has been a financial planner and investment advisor for over 20 years. He is also the principal of Synergy Wealth Management.

The industry bar comes in the wake of allegations that Schisler unsuitably recommended a promissory note to an older married couple.

JP Morgan Securities & Two Former Brokers Ordered to Pay $19M, Found Liable for Elder Financial Abuse

Published on: February 17, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Unauthorized Trading and Abuse of Fiduciary Duty By Older Investor’s Grandsons

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ruled that JP Morgan Securities (JPM) and its ex-brokers, Avi Elliot Schottenstein and Evan A. Schottenstein, must pay a senior investor $19M in her investment fraud claim over losses sustained from the unauthorized trading of complex products in her brokerage account.

The claimant is Beverley Schottenstein of Bal Harbour, Florida, of the family that owns holding company Schottenstein Stores Corp. The two former JP Morgan registered representatives are her grandsons.