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Erez Law Investigates Former Taylor Capital Management Inc. Broker James Heafner

Posted on Wednesday, October 16th, 2019 at 9:36 am    

James Heafner

Erez Law is currently investigating former Taylor Capital Management Inc. broker James Heafner (CRD# 4837072) regarding investment losses due to unsuitable investment recommendations. Heafner has been registered with Taylor Capital Management Inc. in Charlotte, North Carolina from 2011 to 2018, when he was terminated regarding, “Failure to follow written policies and procedures in regard to Outside Business Activities.”

In July 2019, FINRA barred Heafner after he consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its inquiry into his possible involvement in an outside business activity that was not approved by his member firm.

Heafner has been the subject of three customer complaints between 2018 and 2019, according to his CRD report:

February 2019. “In November of 2017, Respondent Heafner recommended Claimant invest $100,000 in First Global Notes which was an unsuitable investment recommendation and Heafner also failed to disclose material facts which was a breach of fiduciary duty, a breach of contract and gross negligence. Claimant alleged that Taylor Capital Management failed to properly supervise RR Heafner.” The customer is seeking $100,000 in damages and the case is currently pending. This case is regarding corporate debt.

December 2018. “Arbitration claims the RRs James Hal Heafner sold 1st Global Capital, LLC Memorandum of Indebtedness to Claimant on 9-29-2017 and TCM Securities, Inc. failed to supervise such outside business activity.” The customer is seeking $268,015.79 in damages and the case is currently pending. This case is regarding government debt.

November 2018. “On November 16, 2018, Claimant filed an Arbitration Statement of Claim with FINRA Dispute Resolution, Case No. 18-03960 which alleged former TCM RR James Hal Heafner recommended the claimant to invest in 1st Global Capital, LLC, an unregistered security which was also an unsuitable recommendation based upon claimant’s specific investment objectives. The arbitration claim also alleged that the firm Taylor Capital Management, Inc. (now TCM Securities, Inc.) failed to properly supervise Heafner.” The customer is seeking $130,000 in damages and the case is currently pending. This case is regarding an unregistered security.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Taylor Capital Management Inc. may be liable for investment or other losses suffered by Heafner’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.