He was also the primary promoter of the 1982 World's Fair in Knoxville, Tennessee, and lost his business and his personal fortune after he was found to have engaged in bank fraud.

After attending the University of Tennessee and Hiwassee College, Jake Butcher served in the United States Marine Corps.

By 1982, UAB was responsible for over 50% of Knoxville's business loans, and Butcher's personal net worth was declared to be about $34 million.

[1] In the late 1970s, United American Bank built its 27-story headquarters, the Plaza Tower, which remains Knoxville's tallest building.

After a bitter contest, Butcher earned the nomination in 1978, defeating former Nashville mayor Richard Fulton and newcomer Bob Clement.

However, he supported Knoxville Mayor Randy Tyree, who defeated State Senator Anna Belle Clement O'Brien for the Democratic nomination.

[6] Bank records ultimately led investigators on a paper trail of illegal loans, forged documents, and various other forms of fraud.

The FDIC estimated that its losses in connection with the failed Butcher brother banks totaled approximately $382.6 million.