roker JIM HEAFNER Barred By FINRA
The Financial Industry Regulatory Authority (“FINRA”) indefinitely barred Taylor Capital Management Inc. securities broker Jim Heafner (CRD#: 4837072, Charlotte, North Carolina). Evidently, in a Letter of Acceptance, Waiver and Consent (“AWC”) #: 2018059962701, which was executed by Heafner June 6, 2019 and accepted by FINRA July 30, 2019, Heafner consented the sanction of a bar from the securities for refusing to appear for testimony in a FINRA investigation. Here’s more on the matter.
FINRA investigates Jim Heafner For Outside Business Activities
Apparently, FINRA’s probe concerned possible outside business activities Jim Heafner pursued when working with Taylor Capital. The AWC indicates that FINRA made a request for Heafner’s testimony to determine if he broke FINRA rules on outside business activities. Namely, FINRA Rule 3270 generally prohibits a securities broker from engaging in activities outside the scope of the brokers’ employment relationship unless the broker provides notice to his or her employer.
It appears that Jim Heafner potentially engaged in outside activities without notifying Taylor Capital Management Inc. Indeed, the firm specified in Heafner’s BrokerCheck report that it denied his request to engage in activities for 1st Global Capital securities. Apparently, 1st Global Capital – a company who finances small businesses – issued Memorandums of Indebtedness (also called 1st Global Capital Notes).
Evidently, Heafner declined FINRA’s request for his testimony. Mainly, Jim Heafner’s attorney contacted FINRA to confirm this. Not only that, but Heafner confirmed through executing the AWC that he would not honor FINRA’s requests. Because of this, FINRA was not able to determine if Heafner engaged in undisclosed outside business activities. Therefore, Heafner violated FINRA Rules 8210 and 2010, according to FINRA.
TCM Securities Inc. Client Files Arbitration Suggesting Heafner Unsuitable Sold 1st Global Capital Notes
Evidently, on February 4, 2019, a TCM Securities Inc. client filed FINRA Arbitration #: 19-00350. Allegedly, Jim Heafner told the client to purchase $100,000 in 1st Global Capital Notes. Supposedly, this investment was not suitable for the client. Not only that, but the client suggested that Heafner did not disclose important facts about the investments. Also, Heafner supposedly breached both a contract and fiduciary duty to this client. Finally, the client suggested TCM Securities Inc. failed to appropriately supervise Heafner. Because of this, the client asked for $100,000 in compensation in this unresolved matter.
November 19, 2018 Claim Suggests Jim Heafner Unsuitably Advised Heafner To Buy Unregistered Securities
FINRA BrokerCheck confirms that a TCM Securities client brought FINRA Arbitration #: 18-03960. Mainly, the client claimed that Jim Heafner recommended 1st Global Capital securities to the client. However, this investment recommendation supposedly ran contrary to the client’s investment objectives. Also, TCM Securities allegedly failed to supervise Heafner’s outside business activities concerning 1st Global Capital securities sales. For this reason, the client demanded $130,000 in compensation in this ongoing matter.
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