In 1998, he purchased DarWal Inc. and ISM Racing and merged them together to form Tyler Jet Motorsports.
He fielded cars for Darrell Waltrip, Rich Bickle, David Green and Johnny Benson.
[1] 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.
[2] While Beverley was on supervised release stemming from his federal conviction for money laundering, he worked as an airplane broker at Majestic Jet Inc., a company in Pompano Beach Florida that provided aircraft charters.
Beverley also stole funds directly from Majestic's business bank accounts and used the money to pay for personal expenses including his boat and rent.