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Written by 2:11 pm Blog, Securities Fraud Articles

Joseph R. Butler Barred from Securities Industry

Joseph Butler Barred from Securities Industry

According to FINRA, Joseph Ronald Butler (CRD #2447535, Brandywine, Maryland) was barred from association with any FINRA member in any capacity and ordered to pay $170,408.18, plus interest, in restitution to his former customer.

The SEC affirmed the findings and sanctions following appeal of a NAC decision. The sanctions were based on findings that Butler converted an elderly customer’s funds and named himself the beneficiary of her annuity by submitting a falsified beneficiary change request form falsely representing that he was her son. The findings stated that Butler allegedly took advantage of his elderly customer, who was suffering from declining mental health and relied on him to help manage her finances.

Purportedly, Butler, aware of her diminished capacity, allegedly withdrew funds from the customer’s bank account by writing and cashing checks payable to himself and to “cash,” made wire transfers from the customer’s account to his own, and used her accounts to pay his personal tax liabilities.

Butler also allegedly took the customer to his attorney, where she ultimately executed papers naming Butler her personal representative and the primary beneficiary under her will, and giving him power of attorney.

For FINRA’s full finding see FINRA Case #2012032950101.

According to FINRA Broker Check, Butler was registered with Innovation Partners in Charlotte, NC from 10/2012 – 10/2015.

The White Law Group is investigating the liability that Butler’s employers may have for losses sustained by his clients.  Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

If you suffered losses investing with Joseph Butler, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.

The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. 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 and Franklin, Tennessee.

For more information on The White Law Group and it’s representation of investors, visit www.whitesecuritieslaw.com.

Tags: , , , , , , , , Last modified: October 17, 2016