Financial advisor Ed Butowsky, founder and CEO of Chapwood Investments, has launched a sister broker-dealer organization, Chapwood Securities, Butowsky says.
Ben Fujihara and Jeff Spears — both of whom recently joined Chapwood Investments’ senior management from Morgan Stanley and Sanctuary Wealth Management — have been named members of Chapwood Securities’ executive management team, according to a press release from Butowsky.
Butowsky is also taking a leading role in the new company, which is already up and running, he says.
Butowsky has been in the spotlight a number of times over the past three years in connection with his support of president Donald Trump and run-ins with the press.
In April 2018, Butowsky sued Charles Schwab & Co. for $100 million, accusing the firm of defaming him and his business, Chapwood Capital Investment Management, and terminating him from its platform.
Schwab allegedly ended its relationship with Butowsky in the wake of news reports accusing him of playing a part in a concocted Fox News report, since redacted, which connected the 2016 murder of Democratic aide Seth Rich to documents leaked from the Democratic National Committee.
In March 2019, a federal judge in Texas sent the suit to arbitration.
That same month, Butowsky sued 22 defendants, including the New York Times, Anderson Cooper and other CNN journalists, claiming defamation and malicious prosecution. Butowsky himself had faced four lawsuits in connection to the Fox News story.