Adjudication and Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement Department or Market Regulation Department files a complaint with the Office of Hearing Officers (OHO).

The Office arranges a three-person panel to hear the case. The panel is chaired by a hearing officer who is an employee of the Office of Hearing Officers. The Chief Hearing Officer appoints two industry panelists, drawn primarily from a pool of current and former securities industry members of FINRA's District Committees, as well as its Market Regulation Committee, former members of FINRA's National Adjudicatory Council (NAC) and former FINRA Governors.

At the hearing, the parties present evidence for the panel to determine whether a firm or individual has engaged in conduct that violates FINRA rules, SEC regulations or federal securities laws. In reaching its decision, the hearing panel also considers previous court, SEC, and NAC decisions to determine if violations occurred. The NAC is the national committee which reviews initial decisions rendered in FINRA disciplinary and membership proceedings.

For each case, the hearing panel will issue a written decision explaining the reasons for its ruling and consult the FINRA Sanction Guidelines to determine the appropriate sanctions if violations have occurred. FINRA also, when feasible and appropriate, can order firms and individuals to make restitution to harmed customers.

Appeals Process

Under FINRA's disciplinary procedures, a firm or individual has the right to appeal a hearing panel decision to the NAC, or the NAC may on its own initiate a review of a decision. On appeal, the NAC will determine if a hearing panel's findings were legally correct, factually supported and consistent with FINRA's Sanction Guidelines. While a panel decision is on appeal, the sanction is not enforced against the firm or individual.

Unless FINRA's Board of Governors decides to review the NAC's appellate decision, that decision represents FINRA's final action. A firm or individual can appeal FINRA's decision to the SEC and then to federal court.

Date of Decisionsort ascending Proceeding No. Title Type
Oct 31, 2018 2016050025401 Order Granting in Part Enforcement’s Pre-Hearing Motion Disciplinary Order
Oct 29, 2018 FPI180004 Jessica Bower Blake Expedited Decision
Oct 17, 2018 2015044782401 APPEALED: Robbi J Jones and Kipling Jones & Company, Ltd. Disciplinary Decision
Oct 11, 2018 2012030731802 William H. Murphy & Co., Inc., and William H. Murphy Disciplinary Decision
Oct 8, 2018 2016048912703 Order Denying Bruce Meyers’ Motion to Compel Disciplinary Order
Oct 4, 2018 2013037401001 Stanley Clayton Niekras Disciplinary Decision
Oct 3, 2018 2012033832501 Matthew David Rubin Disciplinary Decision
Oct 2, 2018 2014042291901 Gopi Krishna Vungarala Disciplinary Decision
Sep 14, 2018 2014039775501 James Randall Clay Disciplinary Decision
Sep 10, 2018 FPI180002 TMR Bayhead Securities Disciplinary Decision
Aug 17, 2018 SD-2151 Jesse B. Shelmire, IV with Stonegate Capital Markets, Inc. Statutory Disqualification, Approvals
Aug 7, 2018 2016050924601 APPEALED: Bradley C. Reifler Disciplinary Decision
Aug 1, 2018 2016050025401 Order Granting Motion for Leave to File Second Amended Complaint Disciplinary Order
Aug 1, 2018 SD-2179 State Street Global Advisors Funds Distributors, LLC Statutory Disqualification, Approvals
Aug 1, 2018 SD-2180 State Street Global Markets, LLC Statutory Disqualification, Approvals
Jul 20, 2018 2014041724601 Scottsdale Capital Advisors Corporation, John Joseph Hurry, Timothy Brian DiBlasi, and Darrel Michael Cruz Disciplinary Decision
Jul 16, 2018 2015047154001 Kris Lynn Lewis Redacted Decision
Jul 16, 2018 2015047069701 Leslie George Markus Disciplinary Decision
Jul 5, 2018 2015046631101 APPEALED: Robert R Tweed Disciplinary Decision
Jul 5, 2018 2015048362402 APPEALED: John Anthony Vedovino Disciplinary Decision
Jun 18, 2018 2016047565702 APPEALED: Bruce Martin Zipper and Dakota Securities International, Inc. Disciplinary Decision
Jun 14, 2018 2014039174202 APPEALED: Steven E. Larson Disciplinary Decision
Jun 13, 2018 2016049085401 APPEALED: Robert Charles McNamara Disciplinary Decision
May 25, 2018 SD-2189 Francis D. Moise, Sr., with First Western Securities, Inc. Statutory Disqualification, Approvals
May 24, 2018 SD-2132 APPEALED: Kimberly Springsteen-Abbott Statutory Disqualification

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