Timothy J. Beverley (born 1956) is former
NASCAR
The National Association for Stock Car Auto Racing, LLC (NASCAR) is an American auto racing sanctioning and operating company that is best known for stock car racing. The privately owned company was founded by Bill France Sr. in 1948, and hi ...
team owner. Beverley was one of the founders of Tyler Jet, L.L.C., an aircraft sales and refurbishing company based in
Tyler, Texas
Tyler is a city in the U.S. state of Texas and the largest city and county seat of Smith County, Texas, Smith County. It is also the largest city in Northeast Texas. With a 2020 census population of 105,995, Tyler was the List of cities in Texa ...
. In 1998, he purchased
DarWal Inc.
Darrell Waltrip Motorsports was a NASCAR team owned by three-time Winston Cup champion Darrell Waltrip. It was formed in 1991 when Waltrip resigned from Hendrick Motorsports to start his own team, and was originally named DarWal, Inc.. During t ...
and
ISM Racing
ISM Racing is a former auto racing team owned by Bob Hancher. The team fielded entries in the Indy Racing League and the NASCAR Winston Cup Series.
Indy Racing League
ISM fielded cars in the IRL from 1997 to 1999. In 1998, Jeff Ward finished 6t ...
and merged them together to form
Tyler Jet Motorsports
Tyler Jet Motorsports was a NASCAR Winston Cup Series team.
History
Tyler Jet Motorsports was owned by Tim Beverley, owner of the airplane sales company that shared a name with the race team, and was formed in 1998 after Beverley purchased the a ...
. He fielded cars for
Darrell Waltrip,
Rich Bickle
Rich may refer to:
Common uses
* Rich, an entity possessing wealth
* Rich, an intense flavor, color, sound, texture, or feeling
** Rich (wine), a descriptor in wine tasting
Places United States
* Rich, Mississippi, an unincorporated commun ...
,
David Green
David (; , "beloved one") (traditional spelling), , ''Dāwūd''; grc-koi, Δαυΐδ, Dauíd; la, Davidus, David; gez , ዳዊት, ''Dawit''; xcl, Դաւիթ, ''Dawitʿ''; cu, Давíдъ, ''Davidŭ''; possibly meaning "beloved one". w ...
and
Johnny Benson
Jonathan Thomas Benson Jr. (born June 27, 1963) is an American retired stock car racing driver and the son of former Michigan modified driver John Benson Sr. Benson has raced across NASCAR's three national series ( Cup, Busch, Truck), and his ...
. In 2000, he sold the team to
MB2 Motorsports
MB2 Motorsports was a NASCAR Cup Series team based in Mooresville, North Carolina, near the sport's hub in Charlotte, North Carolina, Charlotte. The team was founded by Read Morton, Tom Beard, and Nelson Bowers, from which the original team name ...
.
Beverley started Tyler Jet L.L.C. in 1986. Tyler Jet was a thriving business that bought, sold and repaired aircraft, operated an
FBO and ran a business aircraft interior completions and refurbishment center. In February 2002 Tyler Jet creditors forced the company to file Chapter 7
bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...
, which Beverley later amended in court to Chapter 11 bankruptcy. In 2004, Beverley, who was then Tyler Jet president and chief executive officer, was sentenced to six years in prison, and the company's Chief Financial Officer Gregory A. Hopper was sentenced to three and one-half years in prison for their part in a money laundering scheme that cost businesses and banks $18 million. They were each ordered to pay $18.2 million in restitution.
While Beverley was on supervised release stemming from his federal conviction for
money laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...
, he worked as an airplane broker at Majestic Jet Inc., a company in
Pompano Beach
Pompano Beach ( ) is a city in Broward County, Florida, United States. It is located along the coast of the Atlantic Ocean, just north of Fort Lauderdale. The nearby Hillsboro Inlet forms part of the Atlantic Intracoastal Waterway. As of the 2020 ...
Florida that provided aircraft charters. From 2010 through 2013, Beverley stole more than $1.5 million from Majestic Jet by directing airplane escrow agents to wire funds from the sale of planes to nominee bank accounts that Beverley controlled. Beverley also stole funds directly from Majestic's business bank accounts and used the money to pay for personal expenses including his
boat
A boat is a watercraft of a large range of types and sizes, but generally smaller than a ship, which is distinguished by its larger size, shape, cargo or passenger capacity, or its ability to carry boats.
Small boats are typically found on inl ...
and rent. Beverley did not report this income on his 2010 through 2013 personal tax returns.
On October 17, 2017 federal jury convicted Beverly of filing fraudulent tax returns, wire fraud and filing false monthly reports with the U.S. Probation Office.
On Friday, March 16, 2018 Beverly was sentenced to 90 months in prison for filing fraudulent tax returns, wire fraud, and filing false monthly reports with the U.S. Probation Office
References
External links
NASCAR team owners
1955 births
Living people
{{NASCAR-bio-stub
NASCAR controversies