Peter Frederick Butler (Pete Butler) Suspended from Securities Industry and Permitted to Resign from Ameriprise Financial Services, Inc. – Goodman & Nekvasil P.A., May Recover Investor Losses
Goodman & Nekvasil P.A., May Recover Investor Losses - Peter Frederick Butler (Pete Butler) Suspended from Securities Industry and Permitted to Resign from Ameriprise Financial Services, Inc.
From 2010 until Peter Butler’s resignation in 2017, Peter Butler was licensed with Ameriprise Financial Services, Inc. According to FINRA’s records, Peter Butler resigned from Ameriprise Financial Services, Inc. on January 12, 2017. Ameriprise Financial Services, Inc. reported to FINRA that Peter Butler resigned while on suspension pending termination for violation of company policy related to selling away and disclosure of an outside activity.
Subsequent to Peter Butler’s resignation, FINRA investigated Peter Butler and brought a disciplinary action against Peter Butler. Peter Butler consented to a 4 month suspension in a principal capacity from the securities and investment banking industry and a $15,000 fine. Peter Butler also consented to the entry of findings that Peter Butler failed to reasonably supervise a registered representative from Peter Butler’s member firm who was employed as a sales associate and office manager. According to FINRA, because of Peter Butler’s lack of adequate supervision, Peter Butler failed to detect and prevent the office manager from converting money from a business organization belonging to Peter Butler. According to FINRA, the office manager handled the business’s finances, including controlling the bank accounts, credit cards, and payroll processing. According to FINRA, the office manager used this control to convert funds from the business in order to pay himself an additional salary and unauthorized commissions, as well as to otherwise take money to which he was not entitled.
The findings state that the office manager converted more than $370,000 via wire request from customer brokerage accounts held at the firm. According to FINRA, unbeknownst to the customers, their funds were actually being used to further the office manager’s conversion scheme, rather than for the intended purpose of making investments. The findings also stated that Peter Butler failed to reasonably supervise the office manager’s handling of the customer accounts, even though Peter Butler was the broker of record for those accounts. According to FINRA, Peter Butler relied on the office manager to manage the customer relationships and failed to regularly review the customer accounts, leaving Peter Butler unaware of the office manager’s conversion of funds from the accounts for a period of more than three years.
FINRA reports that two complaints have been filed involving Peter Butler’s conduct with Ameriprise Financial Services, Inc., alleging funds intended for a REIT purchase were not invested according to client’s understanding and/or that funds were liquidated from the client’s Transamerica variable annuity and were not subsequently invested according to her understanding. These complaints both settled, with the largest settling for $172,996.22.
If you lost any money on investments with Peter Butler, you may be able to recover your losses from Ameriprise Financial Services, Inc. This is because Ameriprise Financial Services, Inc. had a duty to supervise Peter Butler.
If you lost money on investments with Peter Butler, and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Ameriprise Financial Services, Inc. concerning Peter Butler’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Peter Butler and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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