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
Sep 29, 2015 SD-2029 Bret M. Shapiro with Dawson James Securities, Inc. Statutory Disqualification, Denials
Aug 11, 2003 FPI020002 Bret Steinhart Disciplinary Decision
Mar 23, 2016 2010024522103 APPEALED: Brett Ian Friedberg Disciplinary Decision
Jan 13, 1999 C9B960032 Brian D. Angiuli Disciplinary Decision
Dec 16, 2008 E9A2004048801 Brian J. Kelly Disciplinary Decision
Nov 20, 1997 C9A960030 Brian L. Shegon Disciplinary Decision
Jun 30, 2015 2012033128703 APPEALED: Brian Michael White Disciplinary Decision
Jul 8, 1999 C3A960033 Brian Prendergast Disciplinary Decision
May 4, 2015 2009016159111 Brian Sanders Disciplinary Decision
Aug 9, 2004 C01020025 Brookes McIntosh Bendetsen Disciplinary Decision
Aug 16, 2004 C01020025 Brookes McIntosh Bendetsen Disciplinary Decision
Apr 16, 2015 2007011413501 APPEALED: Brookstone Securities, Inc., Antony Lee Turbeville, Christopher Dean Kline and David William Locy Disciplinary Decision
Jan 7, 1998 C8A960029 Bruce L. Pecaro Disciplinary Decision
May 9, 2016 SD-2069 APPEALED: Bruce Meyers with Meyers Associates, L.P. Statutory Disqualification, Denials
Oct 2, 2017 SD-2129 APPEALED: Bruce Zipper Disciplinary Decision
Sep 28, 2007 200500631501 Bryan L. Claggett Disciplinary Decision
Sep 6, 2017 2014040476901 APPEALED: C.L. King and Gregg Alan Miller Disciplinary Decision
Dec 2, 2014 2012030570301 Calvin B. Grigsby Disciplinary Decision
Apr 22, 2015 SD-1962 Candace J. Lee with Financial Services International Corp Statutory Disqualification, Approvals
Oct 1, 2015 2013035095301 Candace Jean Lee Disciplinary Decision
May 12, 2017 2013035130101 APPEALED: Cantone Research, Inc., Anthony Cantone, and Christine Cantone Disciplinary Decision
Feb 26, 2013 2007010158001 CapWest Securities, Inc.: Appealed Disciplinary Decision
Apr 30, 2008 E9B2003026301 Carl Martin Trevisan Disciplinary Decision
Jun 29, 1998 No Complaint Number Carlisle Investment Group, Ltd. Disciplinary Decision
May 26, 2017 2014040295201 Carolina Financial Securities, LLC, and Bruce Victor Roberts Disciplinary Decision

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