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.
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.||Title||Type|
|Aug 28, 2006||C05030036||Sisung Securities Corporation||Disciplinary Decision|
|Jan 29, 2019||2014042606902||APPEALED: Silver Leaf Partners, LLC||Disciplinary Decision|
|May 14, 2014||2011025674101||Shlomi S. Eplboim||Disciplinary Decision|
|Jul 24, 2017||20120320803-01||Shiva Naby||Disciplinary Decision|
|Jul 25, 2014||2011027007901||APPEALED: Shashishekhar Doni||Disciplinary Decision|
|Apr 18, 2016||2011027007901||APPEALED: Shashishekhar Doni||Disciplinary Decision|
|Dec 21, 2017||2011027007901||Shashishekhar Doni||Disciplinary Decision|
|Aug 5, 1997||C9A960002||Shamrock Partners, Ltd. & James T. Kelly||Disciplinary Decision|
|May 17, 2001||C02990052||Shailesh B. Patel||Disciplinary Decision|
|Feb 14, 2018||2016049420501||Second Order Rescheduling Initial Pre-Hearing Conference||Disciplinary Order|
|Sep 14, 2016||SD-2104||SD-2104 Edwin Kantor with S2K Financial LLC||Statutory Disqualification, Approvals|
|Jul 20, 2018||2014041724601||APPEALED: Scottsdale Capital Advisors Corporation, John Joseph Hurry, Timothy Brian DiBlasi, and Darrel Michael Cruz||Disciplinary Decision|
|Jun 20, 2017||2014041724601||APPEALED: Scottsdale Capital Advisors Corporation, John J. Hurry, Timothy B. Diblasi, and D. Michael Cruz||Disciplinary Decision|
|Apr 30, 2015||SD-1960||Scott Mathis with DPEC, Inc.||Statutory Disqualification, Approvals|
|Dec 12, 2008||C10040052||Scott Mathis||Disciplinary Decision|
|Jan 30, 2015||SD-1865||Scott H. Goldstein with Newbridge Securities Corp.||Statutory Disqualification, Approvals|
|Dec 20, 2007||C9B040098||Scott Epstein||Disciplinary Decision|
|Oct 18, 2005||C8A030078||Scott E. Wiard & James D. Reisinger||Disciplinary Decision|
|Aug 7, 2007||20060042305-01||Scheduling Order||Disciplinary Order|
|Mar 23, 2017||SD-2138||Sandra M. Logay with Mid Atlantic Capital Corporation||Statutory Disqualification, Approvals|
|Nov 29, 2018||2014041860801||APPEALED: Sandlapper Securities, LLC, Trevor Gordon and Jack Bixler||Disciplinary Decision|
|Jun 22, 2001||CAF990018||Ryan Mark Reynolds||Disciplinary Decision|
|Feb 24, 2012||2007011489301||Ryan A. Leopold||Disciplinary Decision|
|Oct 3, 2005||FPI040002||Ryan & Company, LP and Scott W. Ryan||Disciplinary Decision|
|Feb 29, 2008||20070077587||Rulings on Pre-Hearing Motions and Notice of Hearing||Disciplinary Order|