Timothy John Beall of Eau Claire Michigan is a stockbroker formerly registered with National Planning Corporation who has been fined $10,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in private securities transactions and unapproved outside business activities. Letter of Acceptance Waiver and Consent No. 2016050269501 (Mar. 8, 2018).
According to the AWC, Beall reportedly received National Planning Corporation’s approval in 2008 to partake in business development activities for Environmental and ProForma Consulting based in part on Beall confirming that he would not be compensated. Apparently, between July of 2014 and April of 2016, Beall failed to comply with the scope of his approved activities. Particularly, Beall held officer, director and manager roles that he never informed National Planning Corporation about, where he received compensation through the services he provided to a company building and leasing greenhouses located in Colorado.
The AWC additionally indicated that in 2011, National Planning Corporation approved another one of Beall’s outside business activities involving a soil company, where Beall stated to National Planning Corporation that he would not be compensated for his work. Yet, between January of 2014 and April of 2016, Beall reportedly received compensation for his services rendered to an outside company and held positions that he never informed the firm about. Beall additionally failed to inform National Planning Corporation about officer and manager roles he had with a third company between February and April of 2016. FINRA found that Beall’s failure to sufficiently disclose his outside business activities was violative of FINRA Rule 2010 and 3270.
The AWC additionally revealed that in December of 2014, a sum of $500,000.00 in promissory notes had been purchased by National Planning Corporation customers, where the promissory notes had been issued through the company that built and leased greenhouses. Evidently, National Planning Corporation customers were introduced by Beall to the chief executive officer of the company issuing promissory notes. Beall’s work also included facilitating customers’ transactions and arranging for customers to complete subscription agreements and other document to effect the promissory notes purchases.
The AWC stated that the promissory notes transactions were effected away from National Planning Corporation, and Beall never notified the firm about his involvement in the private securities transactions before engaging in them. Moreover, Beall reportedly made misstatements in National Planning Corporation’s compliance questionnaires in which he indicated that he was not selling away from the firm. FINRA found Beall’s conduct violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 3040.
On April 14, 2016, National Planning Corporation terminated Beall’s registration.
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