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 Decision Proceeding No. Titlesort descending Type
May 18, 2005 CMS030269 Anthony John Orlando, Jr. and Philip Anthony Orlando Disciplinary Decision
May 4, 2015 2009016159110 Anthony Spagnolo, III Disciplinary Decision
Mar 30, 2015 2011025785602 Anthony Warren Thompson and TNP Securities, LLC Disciplinary Decision
Dec 18, 2015 2012034393801 APPEALED: Aon D. Miller Disciplinary Decision
Aug 7, 2008 CMS040165 Ara Proudian Disciplinary Decision
Jul 28, 2006 CAF030067 Asensio Brokerage Services, Inc. n/k/a Integral Securities, Inc., and Manuel Peter Asensio Disciplinary Decision
Nov 5, 1997 C01950010 Ashton N. Gowadia Disciplinary Decision
Sep 19, 1997 C3A940064 Aspen Capital Group, Inc., & Stephen Carlson Disciplinary Decision
Jun 26, 2015 2011030072301 Audra Lynn Lalley Disciplinary Decision
Sep 20, 2016 2015044960501 APPEALED: Avenir Financial Group, Michael Todd Clements, and Karim Ahmed Ibrahim Disciplinary Decision
Nov 17, 2000 C10990024 Averell Golub Disciplinary Decision
Aug 10, 2015 SD-MCDC-014 et al. B.C. Ziegler and Company, Benchmark Securities, LLC, Bernardi Securities, Inc., BOSC, Inc., Central States Capital Markets, LLC, City Securities Corporation, The Baker Group, LP Statutory Disqualification, Approvals
Mar 24, 2016 SD-MCDC-059 et al Barclays Capital Inc., Hilltop Securities, Inc., Jefferies LLC Statutory Disqualification, Approvals
May 19, 2006 C01040019 Beerbaum & Beerbaum Financial and Insurance Services, Inc., and Hans N. Beerbaum Disciplinary Decision
Oct 2, 2014 20130379350 APPEALED: Bering Strait Securities, Inc. Membership Decision
Dec 22, 2014 2012034389202 APPEALED: Bernard G. McGee Disciplinary Decision
Jul 18, 2016 2012034389202 APPEALED: Bernard G. McGee Disciplinary Decision
Apr 10, 2000 C01990002 Bernard San Juan Rondez Disciplinary Decision
Aug 24, 2016 20100226911-02 Bharminder Singh Disciplinary Decision
Feb 20, 2014 2009018076101 Blair Alexander West Disciplinary Decision
Jul 18, 2014 2009019837302 APPEALED: Blair C. Mielke and Frederick W. Shultz Disciplinary Decision
Aug 10, 2015 SD-MCDC-018 et al. BMO Capital Markets GKST Inc., BNY Mellon Capital Markets, LLC, Dougherty & Company LLC, George K. Baum & Company, Hutchinson, Shockey, Erley & Co. Statutory Disqualification, Approvals
Mar 24, 2016 SD-MCDC-053 et al Boenning & Scattergood, Inc., First Midstate, Inc., Mitsubishi UFJ Securities (USA), Inc., Municipal Capital Markets Group, Inc., Roosevelt & Cross, Inc. Statutory Disqualification, Approvals
Dec 15, 2003 C8A020014 Brad A. Roethlisberger Disciplinary Decision
Dec 14, 1999 C04990005 Bradford Lee Brinton Disciplinary Decision

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