Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Did You Lose Money Investing With Peter Butler?

If you lost money investing with former Ameriprise Financial Services, Inc. broker and investment adviser Peter F. Butler (CRD# 1942182), our securities fraud attorneys at Meyer Wilson may be able to help you recover your losses.

Contact our firm today to discuss your case with one of our attorneys.

According to the Financial Industry Regulatory Authority (FINRA) BrokerCheck report on Butler, he previously settled two customer disputes, both filed while he was registered with Ameriprise Financial Services, Inc. based out of Cambridge, Ohio. The first customer alleged that Butler claimed that funds were liquidated from their Transamerica variable annuity account, but were not invested according to their understanding. The customer requested $166,285.57 in damages, and received a settlement of
$172,996.22.

The second customer alleged that Butler did not invest their funds intended for a REIT purchase. The customer requested $23,000.00 in damages, and received a settlement of $23,582.25.

Butler was later suspended by FINRA after they determined that he failed to reasonably supervise a sales associate and office manager – his failure allowed to office manager to convert money from the business to pay himself unauthorized commissions and additional salary, as well as take additional funds he was not entitled to without detection. While he initially converted funds from the business, he later targeted his family members and domestic partner who were customers with the firm. According to the Letter of Acceptance, Waiver & Consent (AWC),

The office manager converted more than $370,000 via wire request from customer brokerage accounts held at the firm. 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 Butler failed to reasonably supervise the office manager's handling of the customer accounts, even though Butler was the broker of record for those accounts.

Butler was suspended four months after signing the AWC, and was fined $15,000. During his suspension, he was permitted to resign from his position rather than have his position terminated for violating company policy related to selling away and disclosure of an outside activity. He is not currently registered with any firm

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Our team of investment fraud lawyers at Meyer Wilson have successfully represented about 1,000 victims of fraud across the United States, and have recovered more than $350 million in verdicts and settlements for our clients since we first opened our doors nearly 20 years ago. If you lost money due to the negligent or wrongful actions of your broker, give us a call at one of our office locations today, or send us your information through our online form to request a free, in-depth consultation today.

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