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
Mar 14, 2018 2016052347901 APPEALED: Austin Wayne Morton Disciplinary Decision
Mar 13, 2018 SD-2137 APPEALED: Gabriel Block Statutory Disqualification, Denials
Mar 5, 2018 2015047154001 Order Denying Respondent’s Motion for Admission of Additional Exhibits Disciplinary Order
Feb 27, 2018 2015045254501 APPEALED: Richard O. White Disciplinary Decision
Feb 27, 2018 2012032731802 APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley Disciplinary Decision
Feb 22, 2018 SD-2123 Catherine Ann Sheridan Statutory Disqualification, Approvals
Feb 14, 2018 2016049420501 Second Order Rescheduling Initial Pre-Hearing Conference Disciplinary Order
Feb 6, 2018 DFC170004 APPEALED: Dakota Securities International, Inc. Expedited Decision
Feb 2, 2018 2015046759201 APPEALED: Todd B. Wyche Disciplinary Decision
Jan 11, 2018 2015047069701 Leslie George Markus, Jr. Disciplinary Order
Jan 10, 2018 2014041862701 Spencer Edwards Inc. Disciplinary Order
Jan 10, 2018 2014041860801 Order Denying Respondents’ Motion for More Definite Statement and Department of Enforcement’s Motion to Strike Disciplinary Order
Jan 10, 2018 2014042606902 Order Granting Enforcement’s Motion for Rule-Compliant Answer Disciplinary Order
Jan 8, 2018 2014043869901 Jeffrey E. Krupnick Disciplinary Decision
Jan 4, 2018 2010020954501 APPEALED: Meyers Associates, L.P. (n/k/a Windsor Street Capital, L.P.) and Bruce Meyers Disciplinary Decision
Dec 27, 2017 2015045456401 APPEALED: David O. Braeger Disciplinary Decision
Dec 22, 2017 2013035533701 APPEALED: Meyers Associates, L.P. Disciplinary Decision
Dec 21, 2017 2011027007901 Shashishekhar Doni Disciplinary Decision
Dec 21, 2017 ARB160035 REMANDED: Keith Patrick Sequeira Expedited Decision
Dec 20, 2017 2016047565702 Order Regarding Motion for Order Directing Zipper to File a Proper Answer Disciplinary Order
Dec 20, 2017 2016047565702 Order Regarding Motion for Order Directing Zipper to File a Proposed Answer Disciplinary Order
Dec 17, 2017 2014041860801 Case Management and Scheduling Order Disciplinary Order
Dec 15, 2017 2013037522501 APPEALED: Trevor Michael Saliba, Sperry Randall Younger, Richard Daniel Tabizon, and Arthur Mansourian Disciplinary Decision
Dec 14, 2017 ARB170025 Matthew Grady Expedited Decision
Dec 11, 2017 SD-2144 Goldman, Sachs & Co. Statutory Disqualification, Approvals

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