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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
BEALE ACT KILLEBREW BNB EXCHANGE ACT INVESTORS COMMISSION ISSUER ADMINISTRATIVE PROCEEDINGS ALLEGES VIOLATIONS INSTITUTING VINCENT TYRONE KILLEBREW F/K/A BNB SECURITIES CAUSED VIOLATIONS COMMUNICATIONS PROFIT STOCK LIGHTING PUBLIC OFFERING BUSINESS BROKER-DEALER PRIVATE PLACEMENT UNREGISTERED COMMON STOCK EXPENSES SALE ADMINISTRATIVE LAW JUDGE ALLEGATIONS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Securities Act of 1933
Release No. 7890 / September 13, 2000
Securities Exchange Act of 1934
Release No. 43286 / September 13, 2000
Administrative Proceeding
File No. 3-10286
PUBLIC ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST VINCENT W. BEALE,
SR., TYRONE KILLEBREW AND BNB CAPITAL, INC. (f/k/a BNB SECURITIES,
INC.)
The Securities and Exchange Commission ("Commission") today issued an
Order Instituting Public Administrative Proceedings, and Notice of
Hearing, Pursuant to Section 8A of the Securities Act of 1933
("Securities Act"), and Sections 15(b), 19(h) and 21C of the
Securities Exchange Act of 1934 ("Exchange Act") (the "Order") against
BNB Capital, Inc. (f/k/a BNB Securities, Inc.) ("BNB"), Vincent W.
Beale, Sr. ("Beale") and Tyrone Killebrew ("Killebrew") (collectively
"Respondents").
The Division of Enforcement ("Division") alleges that the Respondents
willfully violated, and committed or caused violations of, Section
15(a)(1) of the Exchange Act, and that Beale and Killebrew also
willfully violated, and committed or caused violations of, Section
17(a) of the Securities Act and Sections 10(b) and 15(c) of the
Exchange Act and Rules 10b-5 and 15c1-2 thereunder.
The Division alleges that in April and May 1996, Beale and Killebrew
offered and sold unregistered one year promissory notes issued by a
start-up communications company for a 25 percent commission. The
Division further alleges that Beale and Killebrew made material
misrepresentations and omissions, including that an investment in the
convertible notes posed little or no risk; that the issuer had an
enormous potential for profit; that the issuer owned rights to the
communications technology it sought to develop; that investors could
profit from an initial public offering by the issuer; and that Beale
had personally invested $1.6 million in the issuer. The issuer is no
longer in business, and investors never received any return on their
investment.
Additionally, the Division alleges that before BNB was registered with
the Commission as a broker-dealer, Beale and Killebrew agreed to have
BNB offer a private placement of the unregistered common stock of a
lighting company, in return for its expenses and a 10 per cent
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