Independence, MO | January 13, 2026
Missouri financial advisor Susan L. Butler (CRD# 6222652) is facing a customer complaint alleging misappropriation of $31,000 in client funds. The written complaint, filed on September 23, 2025, was denied by Edward Jones on October 20, 2025, following an internal investigation. According to FINRA BrokerCheck records, Butler has stated that after completion of the firm’s investigation, “the claim was deemed without merit and has been denied.”
While the complaint was denied and closed without action, the allegation of misappropriation represents one of the most serious accusations that can be leveled against a financial professional. Misappropriation—the unauthorized taking or use of client funds—strikes at the heart of the trust relationship between investors and their advisors.
Butler has been with Edward Jones since 2013, initially serving as a Senior Branch Office Administrator from July 2013 to April 2022, before becoming a registered Financial Advisor in April 2022. She operates out of the firm’s Independence, Missouri branch location.
BrokerCheck Snapshot
Name: Susan L. Butler
CRD #: 6222652
Firm: Edward Jones
Location: Independence, MO
Years in Industry: 3 (as registered representative)
Number of Disclosures: 1
The Allegation: $31,000 Misappropriation Claim
According to the disclosure filed with FINRA, a client filed a written complaint on September 23, 2025, alleging that Butler misappropriated funds totaling $31,000. The complaint specifically states: “The client alleges FA misappropriated funds in the amount of $31,000.00.”
Allegation: Misappropriation of funds
Alleged Amount: $31,000
Date Received: September 23, 2025
Status: Denied
Status Date: October 20, 2025
Product Type: No Product
Settlement Amount: $0
The complaint was investigated internally by Edward Jones and denied on October 20, 2025—less than one month after it was filed. According to Butler’s statement in the BrokerCheck record: “After completion of the firm’s investigation into the client’s allegations, the claim was deemed without merit and has been denied.”
No settlement was paid, and no admission of wrongdoing was made.
Understanding Misappropriation Allegations
Misappropriation is one of the most serious forms of broker misconduct and involves the unauthorized taking, use, or conversion of client funds or securities. It can take many forms:
Common Types of Misappropriation
- Unauthorized withdrawals – Taking money from client accounts without permission
- Forged signatures – Signing documents or authorizations in the client’s name
- Fraudulent transfers – Moving funds between accounts without authorization
- Conversion – Using client funds for personal benefit
- Commingling – Mixing client funds with personal or business funds
- Check fraud – Depositing client checks into unauthorized accounts
Even when a misappropriation claim is denied, the allegation itself raises important questions about:
- The nature of the transaction that led to the complaint
- Why the client believed funds were taken without authorization
- What documentation exists to support or refute the claim
- Whether there were communication breakdowns between advisor and client
The Significance of Written Complaints
The complaint against Butler was filed as a written complaint—not merely an oral complaint or informal inquiry. Written complaints carry more weight because:
- They demonstrate the client took formal action to document concerns
- They trigger mandatory disclosure requirements under FINRA rules
- They require firms to conduct investigations
- They become part of the broker’s permanent record
FINRA requires disclosure of written complaints only when they involve allegations of sales practice violations, forgery, theft, misappropriation, or conversion of funds—and only when they seek damages of at least $5,000. The fact that this complaint appears on Butler’s BrokerCheck record confirms it met these thresholds.
Edward Jones’s Investigation and Denial
Edward Jones conducted an internal investigation and denied the claim on October 20, 2025. While the firm deemed the allegation “without merit,” investors should understand that internal investigations have limitations:
Questions About Internal Investigations
- Who conducted the investigation? – Was it an independent review or conducted by supervisors who may have oversight liability?
- What evidence was considered? – Were all relevant documents, communications, and witness statements reviewed?
- Was the client interviewed? – Did the firm speak directly with the complaining customer?
- What was the basis for denial? – What specific facts led to the conclusion that the claim lacked merit?
- Were there alternative explanations? – Could the situation involve miscommunication, unauthorized transactions, or documentation issues rather than outright misappropriation?
When firms deny customer complaints, they may be motivated by legitimate findings that the claim is baseless—or they may be protecting themselves from liability. Independent legal review can help investors understand whether a denied claim warrants further action.
Susan Butler’s Career Background
According to FINRA records, Susan L. Butler’s career in the financial services industry spans over a decade, though her time as a registered representative is more recent.
Current Position:
- Edward Jones (April 2022 – Present) – Financial Advisor in Independence, MO
Previous Positions:
- Edward Jones (July 2013 – April 2022) – Senior Branch Office Administrator in St. Louis, MO
Securities Licenses:
- General Securities Representative Examination (Series 7TO) – passed May 2022
- Securities Industry Essentials Examination (SIE) – passed March 2022
- Uniform Combined State Law Examination (Series 66) – passed June 2022
Butler is currently licensed in 15 U.S. states and territories: Arizona, California, Colorado, Delaware, Florida, Illinois, Kansas, Missouri, New York, Oklahoma, Rhode Island, South Carolina, Texas, Virginia, and Wisconsin.
The Transition from Administrator to Advisor
A notable aspect of Butler’s career is her transition from Senior Branch Office Administrator to registered Financial Advisor in April 2022. This career progression is common at Edward Jones and other firms, but it involves a significant shift in responsibilities:
Administrator vs. Advisor Roles
As Branch Office Administrator (2013-2022):
- Supported the branch’s operational needs
- Handled client service and administrative tasks
- May have had limited client interaction on investment decisions
- Did not require securities licenses (though many administrators obtain them)
As Financial Advisor (2022-Present):
- Direct responsibility for client investment recommendations
- Fiduciary obligations in advisory capacity
- Required to pass Series 7, SIE, and Series 66 exams
- Full accountability for investment decisions and client relationships
The complaint was filed in September 2025, approximately three and a half years after Butler became a registered Financial Advisor. The timing suggests the alleged conduct occurred during her time as a licensed advisor, not during her earlier administrative role.
Red Flags: What Investors Should Watch For
While Butler’s complaint was denied, the allegation highlights warning signs that all investors should monitor:
1. Unexplained Account Activity
- Withdrawals you don’t remember authorizing
- Transfers between accounts without your knowledge
- Checks or wire transfers you didn’t initiate
- Changes to beneficiaries or account registrations
2. Documentation Issues
- Requests to sign blank forms
- Pressure to sign documents without reading them
- Reluctance to provide copies of signed documents
- Discrepancies between what you were told and what appears in writing
3. Communication Problems
- Advisor becomes difficult to reach
- Statements are delayed or missing
- Requests for account information are ignored or deflected
- Advisor discourages you from contacting the firm’s main office
4. Unusual Urgency
- Pressure to act quickly on transactions
- Claims that immediate action is required
- Discouragement from involving family members or other advisors
- Insistence on secrecy about transactions
5. Access to Your Funds
- Advisor asks for checks made out to them personally
- Requests for access to your online banking
- Suggestions to give power of attorney
- Proposals for loans or personal financial arrangements
Can You Recover Losses from Misappropriation?
If you experienced unauthorized transactions, misappropriation of funds, or other forms of financial advisor theft, you may be entitled to recover your losses through FINRA arbitration.
Even when firms deny complaints, investors may have valid claims based on:
- Unauthorized transactions that the firm failed to detect or prevent
- Failure to supervise advisors properly
- Inadequate controls and procedures
- Documentation that contradicts the firm’s denial
Patil Law, P.C. represents investors nationwide who have been harmed by broker misconduct, unauthorized trading, and securities fraud. We have over 15 years of experience in securities law and have recovered more than $25 million for clients across 1,000+ cases.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident.
FINRA arbitration provides several advantages for investors:
- Specialized expertise – Arbitrators understand securities industry practices
- Lower costs – Less expensive than traditional litigation
- Faster resolution – Cases typically conclude in 12-16 months
- Discovery rights – Investors can obtain documents and testimony from the firm
- No jury – Cases are decided by neutral arbitrators
- Finality – Awards are binding and enforceable in court
Our Experience with Misappropriation Cases
Misappropriation cases require attorneys who understand both the legal standards and the investigative techniques needed to uncover unauthorized activity. Attorney Chetan Patil and our legal team—including attorneys Gabriela Dubrocq and Patricia Herrera—focus exclusively on investor protection and securities law.
We handle cases involving:
- Misappropriation and conversion of funds
- Unauthorized trading
- Forged signatures and fraudulent documents
- Check fraud and wire fraud
- Failure to supervise
- Elder financial abuse
We work on a contingency fee basis, meaning you pay no attorney fees unless we recover money for you. Your consultation is completely free and confidential.
When Firms Deny Claims: Your Options
Just because a firm denies a complaint doesn’t mean you’re out of options. Investors who believe they have been harmed have the right to:
- Request the investigation file – Ask the firm for documentation of their investigation
- File a regulatory complaint – Contact FINRA, the SEC, or state securities regulators
- Pursue FINRA arbitration – File a formal claim independent of the firm’s internal review
- Seek legal counsel – Consult with a securities attorney who can evaluate your case objectively
An independent legal review can help determine whether:
- The firm’s investigation was thorough and fair
- Additional evidence exists to support your claim
- The firm had adequate supervisory procedures in place
- You have grounds for a successful arbitration claim
Time Limits Apply
Securities claims must generally be filed within six years under FINRA rules. If you invested with Susan Butler or experienced similar issues with another financial professional, time may be running out to protect your rights.
The six-year limitation period can be complex—it may run from the date of the alleged misconduct, the date you discovered the problem, or the date you should have discovered it with reasonable diligence. Don’t let uncertainty about deadlines prevent you from seeking legal guidance.
Related Brokers and Firms
If you’ve had concerns with advisors at similar firms or experienced comparable issues, you may want to review:
- Edward Jones Advisors – Complaints & Disclosures
- Broker Misconduct Claims
- Unauthorized Trading
- Failure to Supervise
- Investment Fraud
Frequently Asked Questions
What is the complaint against Susan Butler?
Susan L. Butler faced a written customer complaint filed on September 23, 2025, alleging misappropriation of $31,000 in client funds. After an internal investigation, Edward Jones denied the claim on October 20, 2025, stating it was “without merit.” No settlement was paid, and the complaint remains on Butler’s permanent FINRA record.
Can investors recover losses involving Edward Jones?
Yes. Investors who suffered losses due to unauthorized transactions, misappropriation, unsuitable investments, or other forms of broker misconduct at Edward Jones or any other firm may be entitled to recover their losses through FINRA arbitration. An independent legal review can help determine whether you have a valid claim, even if the firm denied your complaint.
What is FINRA arbitration?
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months, and claims generally must be filed within six years of the incident.
What does “unsuitable investment” mean?
An unsuitable investment is one that doesn’t align with an investor’s financial situation, investment objectives, risk tolerance, time horizon, or liquidity needs. Brokers and investment advisers have a duty to recommend only investments that are suitable for their clients based on these factors.
How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org and search by the broker’s name or CRD number. BrokerCheck provides free access to employment history, registrations, qualifications, and disclosure events including customer complaints, regulatory actions, and employment terminations.
What should I do if I suspect broker misconduct?
First, gather all documentation related to your investments, including account statements, trade confirmations, and communications with your broker. File a written complaint with your brokerage firm’s compliance department. Then, consult with a securities attorney who can evaluate whether you have grounds for a FINRA arbitration claim. Time limits apply, so don’t delay seeking legal guidance.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law Today
If you experienced unauthorized transactions, misappropriation concerns, or other issues with Susan Butler or any other financial advisor, contact us today for a free, confidential consultation.
Call: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
There is no cost and no obligation. We’re here to help.
Disclaimer: The information in this article is based on FINRA BrokerCheck records and public filings. The allegations described were denied following an internal investigation. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
