Butterfield was a stockbroker from Texas. Once he heard a rumor that the pharmaceutical company Pfitzer had coming out a new pill, contraceptive and aphrodisiac. He related this rumor to his colleague, whose intuitive wife claimed that it will be a global mania. Therefore Butterfield and his colleague bet the farm.
The next day, the SEC investigated both for insider trading or conspiracy. The riches made on stock was spent to pay the lawyers.