James Hal Heafner of Charlotte North Carolina a stockbroker formerly registered with Taylor Capital Management Inc. (now known as TCM Securities Inc.) has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Heafner neglected to cooperate with FINRA during the time in which he was being investigated for possibly engaging in outside business activities that had not been authorized by the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2018059962701 (July 30, 2019).
According to the AWC, on April 10, 2019, a request was made by FINRA for Heafner to provide recorded testimony before FINRA personnel in regard to his potential involvement in outside business activities which Taylor Capital Management Inc. did not authorize. Evidently, Heafner had been instructed under Rule 8210 to testify on April 23, 2019.
FINRA stated that Heafner’s legal counsel contacted FINRA a day prior to Heafner’s scheduled appearance to indicate that Heafner would not be showing up. Indeed, Heafner’s legal counsel confirmed for FINRA that Heafner would not cooperate any further in the investigation. As a result, FINRA determined that Heafner’s conduct was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Heafner has been identified in three more customer initiated investment related disputes containing allegations of his violative conduct while employed by Taylor Capital Management Securities Inc. Specifically, a customer filed an investment related arbitration claim regarding Heafner’s activities in which the customer requested $130,000.00 in damages supported by accusations that TCM Securities Inc. failed to supervise Heafner’s investment recommendations to the customer resulting in the stockbroker giving the customer unsuitable advice about purchasing unregistered securities and investments which were not consistent with the customer’s goals. FINRA Arbitration No. 18-03960 (Nov. 16, 2018).
Heafner is also the subject of a customer initiated investment related arbitration claim where the customer sought $268,015.79 in damages founded on accusations that the customer was sold 1st Global Capital LLC Memorandum of Indebtedness investments in 2017; and Heafner’s transactions had been allegedly executed outside the auspices of the firm. FINRA Arbitration No. 18-03791 (Dec. 12, 2018).
Moreover, a customer filed an investment related arbitration claim involving Heafner’s conduct in which the customer requested $100,000.00 in damages based upon allegations that the customer was poorly advised by him in regard to the customer’s investments in 1st Global Capital LLC notes; fiduciary duties had been breached; there were non-disclosures of important investment related information; the customer’s account had been handled in a negligent manner; contractual obligations were breached; and TCM Securities Inc. failed to comply with its duty to oversee Heafner’s corporate debt transactions. FINRA Arbitration No. 19-00350 (Feb. 4, 2019).
Heafner’s registration with TCM Securities Inc. was terminated on January 22, 2018. Heafner had been associated with Retirement Wealth Advisors but was terminated on August 31, 2018 supported by accusations of him failing to comply with the policies of the firm in regard to outside business activities.
