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
Jan 4, 2018 2010020954501 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 Meyers Associates, L.P. Disciplinary Decision
Dec 21, 2017 2011027007901 Shashishekhar Doni Disciplinary Decision
Dec 21, 2017 ARB160035 Keith Patrick Sequeira Expedited Decision
Dec 20, 2017 2016047565702 Order Regarding Motion for Order Directing Zipper to File a Proposed Answer 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 8, 2017 2013039306601 Michael Timothy Dolan Disciplinary Decision
Nov 8, 2017 2014041985401 APPEALED: James Larkin Powers Disciplinary Decision
Nov 8, 2017 2014040809501 Eddie Basora, Jr. Disciplinary Decision
Nov 6, 2017 2015048048801 Hank M. Werner and Legend Securities, Inc. Disciplinary Decision
Oct 25, 2017 2014042291901 APPEALED: Gopi K. Vungarala Disciplinary Decision
Oct 5, 2017 2013038986001 APPEALED: Richard Allen Riemer, Jr. Disciplinary Decision
Oct 3, 2017 ARB170022 Craig Arnold Sorenson Expedited Decision
Oct 2, 2017 SD-2129 APPEALED: Bruce Zipper Disciplinary Decision
Oct 2, 2017 2013037401001 APPEALED: Stanley Clayton Niekras Disciplinary Decision
Sep 26, 2017 2012031748203 William Norris Jordan Disciplinary Decision
Sep 6, 2017 2014040476901 APPEALED: C.L. King and Gregg Alan Miller Disciplinary Decision
Aug 25, 2017 ARB170007 Timothy S. Fannin Expedited Decision
Aug 16, 2017 2014043020901 Matthew J. Dodds Disciplinary Decision
Aug 3, 2017 2012030527503 APPEALED: Thaddeus James North Disciplinary Decision
Aug 2, 2017 2014042690502 Stephen Brown and James Goetz Disciplinary Decision
Jul 31, 2017 2015044823501 & 2015044823502 APPEALED: Edward Beyn, Craig Scott Taddonio, and Brent Morgan Porges Disciplinary Decision
Jul 27, 2017 SD-2130 APPEALED: Robert J. Escobio Statutory Disqualification

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