FINRA

Respondent Heafner failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

All capacities

Indefinite

Continues until required payment is made or discharged.

3/31/2020

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Heafner is suspended on March 31, 2020 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

FINRA

Without admitting or denying the findings, Heafner 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.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

Indefinite

7/30/2019

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.

$100,000.00

Heafner was named in a customer complaint that asserted the following causes of action: unsuitable investment recommendations; breach of regulatory requirements; breach of fiduciary duty; breach of contract; negligence and gross negligence; and failure to supervise.

In the Statement of Claim, Claimant requested: Unspecified compensatory damages. This award has not been paid by or on behalf of Heafner as of March 31, 2020.

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.

$268,015.79

James Heafner was a subject of a customer's complaint against his member firm that asserted the following causes of action: violation of common law fraud; breach of fiduciary duty; negligent failure to supervise; and negligence.

$200,000.00

Retirement Wealth Advisors

Discharged

Failure to follow written policies and procedures in regard to Outside Business Activities.