FINRA suspends Timothy John Beall (CRD #4458189, Eau Claire, Michigan)
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As reported in InvestmentNews, three Raymond James entities have agreed to pay over $15 million to resolve an investigation by the SEC. The settlement and SEC order focused on Raymond James’s actions in improperly charging certain clients advisory fees when the...read more
March 8, 2018 – A Letter of Acceptance, Waiver and Consent (AWC) was issued in which Beall was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for nine months. Without admitting or denying the findings, Beall consented to the sanctions and to the entry of findings that he exceeded the scope of his member firm’s approval to conduct two outside business activities. The findings stated that Beall received approval from the firm to engage in an outside business activity with his stated role as business development and disclosed his annual income from this activity as “0.” Beall provided services to the company that built and leased greenhouses in Colorado, which exceeded the scope of his disclosed activities that the firm approved, and for which he received compensation. Beall also held officer, director, manager and employee positions with the company and its affiliates that he did not disclose to the firm. In addition, Beall received approval from the firm to engage in another outside business activity and disclosed that he was to receive no compensation in connection with this activity. However, through this approved activity, Beall provided services to a privately-held wholesale plant and flower-growing company that exceeded the scope of his disclosed activities that the firm approved and for which he received compensation. Beall held an employee and a part-time officer position with this company that he did not disclose to the firm. Beall also held manager and officer positions with a privately-held Colorado company and served as a signatory on the company’s bank account, which he did not disclose to the firm. The findings also stated that Beall incorrectly indicated on two firm annual compliance questionnaires that he had disclosed his involvement in all business activities conducted outside of the firm. The findings also included that Beall participated in two undisclosed private securities transactions. Two of Beall’s firm customers purchased a total of $500,000 in promissory notes issued by an affiliate of the greenhouse building and leasing company. Beall introduced those customers to the company’s chief executive officer (CEO) for purposes of possible investments, and he facilitated the transactions by sending them documents related to their purchase of the notes, including a subscription agreement, wiring instructions and a blank copy of the actual note itself. Beall also interceded with the CEO on the customers’ behalf, which resulted in one of them receiving a discount on the note he purchased. These transactions were not executed through the firm, and Beall did not give it prior notice that he would be participating in them. Furthermore, Beall incorrectly indicated on a firm annual compliance questionnaire that he had not participated in any private securities transactions. The suspension is in effect from March 19, 2018, through December 18, 2018. (FINRA Case #2016050269501).
If you or someone you know has lost money investing with Timothy Beall, call the experienced attorneys at Epperson & Greenidge at 877-445-9261 for a free consultation. You may be eligible to recoup your losses. Epperson & Greenidge accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-445-9261 now to speak to an attorney for free.