Jesse Butler Faces 4-Month Suspension by FINRA

Jesse Butler (CRD #: 4260239), a broker formerly registered with Pruco Securities, has been suspended by FINRA, according to his BrokerCheck record, accessed on November 5, 2024. If you have questions about his alleged conduct as a broker, read on.

Suspension by FINRA

On October 23, 2024, Jesse Butler consented to the entry of findings that he allegedly borrowed $1,175,000 from five clients between 2016 and 2020.

According to a Letter of Acceptance, Waiver & Consent (AWC), Jesse Butler allegedly borrowed this money without disclosing the loans to his firm, Allstate Financial Services, and without receiving the firm’s approval.

Allstate’s policies allegedly prohibited borrowing money from clients with limited exceptions for immediate family members. While one of these clients was allegedly an immediate family member, Allstate’s policies allegedly also required approval for all loans with clients.

The AWC further alleged that Jesse Butler falsely attested on five annual firm compliance questionnaires that he had not borrowed any money from clients. The AWC concluded that these allegations constituted violations of FINRA Rules 3240 and 2010.

FINRA Rule 3240

FINRA Rule 3240 describes the limited circumstances under which brokers may borrow from or lend to clients, such as loans between immediate family members.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

Jesse Butler consented to the following sanctions:

• 4-month suspension from associated with FINRA members
• $5,000 fine

His suspension began on November 4, 2024, and will end on March 3, 2025. You can read the full AWC here.

Background Information

Jesse Butler has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He previously worked for the following firms:

• Pruco Securities (CRD#:5685)
• Allstate Financial Services (CRD#:18272)
• ONB Investment Services (CRD#:31583)
• American Express Financial Advisors (CRD#:6363)
• IDS Life Insurance Company (CRD#:6321)

Kurta Law Can Help

If you worked with Jesse Butler and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.