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
May 23, 2019 2014039285401 Southeast Investments, N.C., Inc. and Frank Harmon Black Disciplinary Decision
May 22, 2019 2012030738501 J. W. Korth & Company Disciplinary Decision
May 15, 2019 2015048362402 John Anthony Vedovino Disciplinary Decision
May 15, 2019 2016052347901 Austin Wayne Morton Disciplinary Decision
May 8, 2019 2016050938301 APPEALED: Michael J. Clarke Disciplinary Decision
Apr 11, 2019 2016050025401 Frederick David Holloway Disciplinary Decision
Apr 5, 2019 2016049565901 APPEALED: Glendale Securities, Inc., George Alberto Castillo, Paul Eric Flesche, Albert Raymond Laubenstein, Jose Miguel Abadin, and Huanwei Huang Disciplinary Decision
Mar 21, 2019 2016052104101 APPEALED: Devin Lamarr Wicker Disciplinary Decision
Mar 18, 2019 2016047565702 APPEALED: Dakota Securities & Bruce Zipper Disciplinary Decision
Mar 15, 2019 SD-2195 Scott Coy Statutory Disqualification, Denials
Mar 11, 2019 2010022977801r APPEALED: David B. Tysk Disciplinary Decision
Mar 7, 2019 SD-2148 Guy Wyser-Pratte Statutory Disqualification, Denials
Mar 5, 2019 2014039839101 Jim Jinkook Seol Disciplinary Decision
Mar 5, 2019 2013035345701 APPEALED: Titan Securities, Brad Brooks and Richard Demetriou Disciplinary Decision
Feb 7, 2019 ARB180031 Robert Jay Pincus Expedited Decision
Jan 29, 2019 2014043863001 APPEALED: Peter Orlando Disciplinary Decision
Jan 29, 2019 2015044823501, 2015044823502 APPEALED: Craig Scott Taddonio, Brent Morgan Porges, Edward Beyn Disciplinary Decision
Jan 29, 2019 2014042606902 APPEALED: Silver Leaf Partners, LLC Disciplinary Decision
Jan 25, 2019 ARB180037 Order Denying Motion to Dismiss; Expedited Order
Jan 16, 2019 2013035130101 APPEALED: Cantone Research, Inc., Anthony Cantone, and Christine Cantone Disciplinary Decision
Jan 8, 2019 2013037522501 APPEALED: Trevor Michael Saliba, Sperry Randall Younger, Richard Daniel Tabizon, and Arthur Mansourian Disciplinary Decision
Jan 8, 2019 2015046759201 Todd B. Wyche Disciplinary Decision
Jan 2, 2019 2015043646501 APPEALED: CSSC Brokerage Services, Inc. Disciplinary Decision
Dec 20, 2018 SD-2157 Allan Wolfe Statutory Disqualification, Approvals
Nov 29, 2018 SD-2095 Ronald B. Smith Statutory Disqualification, Approvals

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