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
Jan 4, 2008 C3B050012 Ronald Pellegrino Disciplinary Decision
Mar 2, 2006 C9B020032 Rooney A. Sahai Disciplinary Decision
Aug 12, 2004 C9B020032 Rooney A. Sahai Disciplinary Decision
Dec 22, 2015 2010025350001 Roric E. Griffith Disciplinary Decision
Aug 13, 2008 E8A2003091501 Roy M. Strong Disciplinary Decision
Dec 26, 2000 DFC000003 Rule 9530 Suspension Proceeding DFC000003 Expedited Decision, Rule 9530 Suspension Decisions
Oct 6, 1999 DFC990003 Rule 9530 Suspension Proceeding DFC990003 Expedited Decision, Rule 9530 Suspension Decisions
Feb 29, 2008 20070077587 Rulings on Pre-Hearing Motions and Notice of Hearing Disciplinary Order
Oct 3, 2005 FPI040002 Ryan & Company, LP and Scott W. Ryan Disciplinary Decision
Feb 24, 2012 2007011489301 Ryan A. Leopold Disciplinary Decision
Jun 22, 2001 CAF990018 Ryan Mark Reynolds Disciplinary Decision
Aug 7, 2007 20060042305-01 Scheduling Order Disciplinary Order
Oct 18, 2005 C8A030078 Scott E. Wiard & James D. Reisinger Disciplinary Decision
Dec 20, 2007 C9B040098 Scott Epstein Disciplinary Decision
Jan 30, 2015 SD-1865 Scott H. Goldstein with Newbridge Securities Corp. Statutory Disqualification, Approvals
Dec 12, 2008 C10040052 Scott Mathis Disciplinary Decision
Apr 30, 2015 SD-1960 Scott Mathis with DPEC, Inc. Statutory Disqualification, Approvals
Jun 20, 2017 2014041724601 APPEALED: Scottsdale Capital Advisors Corporation, John J. Hurry, Timothy B. Diblasi, and D. Michael Cruz Disciplinary Decision
May 17, 2001 C02990052 Shailesh B. Patel Disciplinary Decision
Aug 5, 1997 C9A960002 Shamrock Partners, Ltd. & James T. Kelly Disciplinary Decision
Dec 21, 2017 2011027007901 Shashishekhar Doni Disciplinary Decision
Apr 18, 2016 2011027007901 APPEALED: Shashishekhar Doni Disciplinary Decision
Jul 25, 2014 2011027007901 APPEALED: Shashishekhar Doni Disciplinary Decision
Jul 24, 2017 20120320803-01 Shiva Naby Disciplinary Decision
May 14, 2014 2011025674101 Shlomi S. Eplboim Disciplinary Decision

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