Over the last 12 years, Oakes & Fosher has tried and won more FINRA arbitration cases on behalf of individual investors than any other law firm in the country.

*Past results do not guarantee a similar outcome. The choice of a lawyer is an important decision and should not be based alone on prior results.

AdobeStock 89168969

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Timothy Beall. According to his publicly available FINRA BrokerCheck report, Timothy Beall has been the subject of a customer dispute and a FINRA sanction.

Timothy Beall was a Michigan based securities broker. He worked in the securities industry for just seven years between 2008 and 2016. He spent his entire career registered with National Planning Corporation. He is not currently working as a registered securities broker in any fashion.

The Allegations

  • In March 2018, Timothy Beall was officially sanctioned by FINRA. The findings in this matter state that he allegedly engaged in the solicitation of $500,000 from two member firm customers for an unapproved, outside investment. Due to these allegations, he was fined $10,000 and suspended from acting as a securities broker in any fashion for a period of nine months.
  • In July 2018, one of the above mentioned customers filed a complaint against National Planning Corporation due to Timothy Beall’s alleged actions. The customer alleged that Beall made material misrepresentations, recommended unsuitable investments, and engaged in selling away. The case is currently pending. The customer is seeking $700,000 in damages.

What Does This Mean?

Securities brokers like Timothy Beall are not allowed to recommended private investments to member firm customers without first obtaining their member firm’s approval to do so. This is because these types of investments can often be detrimental to investors due to their private nature. These private securities are not traded on any public securities exchanges and are, in turn, very poorly regulated. They are incredibly speculative and illiquid products that can cause serious financial harm to investors. Despite this, many less than scrupulous securities brokers continue to recommend them to unsophisticated investors due to the massive commissions they receive. Broker commissions for privately traded securities can be as high as ten percent of the investor’s principal. This appallingly large commission, compounded with other fees, drastically reduce an investor’s chances of seeing any investment returns when investing in these types of products.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Timothy Beall, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.