Joseph R. Butler, a former registered representative with Innovation Partners in Charlotte, North Carolina, was barred from the securities industry. He was also ordered to pay $170,408.18 plus interest, in restitution to his former customer. Allegedly, 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 customer was allegedly suffering from declining mental health and relied on him to help manage her finances. Butler allegedly withdrew funds from the customer’s bank account by writing and cashing checks made payable to himself and to “cash,” made wire transfers from the account to his own, and used her accounts to pay his personal tax liabilities. Butler went so far as to take her to his attorney, where she was made to execute papers naming Butler as her personal representative and the primary beneficiary under her will, and giving him power of attorney. These are all against securities rules and regulations.
Mr. Butler was registered with Woodbury Financial Services in Clinton, Maryland from June 1997 until August 2012 and Innovation Partners in Charlotte, North Carolina from October 2012 until October 2015. He is not currently registered with any firm. He has two customer disputes against him, one of which is currently pending. He is not licensed and FINRA has permanently barred him. Please call our Chicago-based law firm today for a free consultation with one of our attorneys if you lost money with Mr. Butler. We may be able to help you bring a claim against his former firm, Innovation Partners in the FINRA arbitration forum on a contingency fee basis. 312-332-4200.