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.sort descending Title Type
Dec 22, 2014 SD-2042 Thomas Core with Aegis Capital Corp. Statutory Disqualification, Approvals
Jul 20, 2016 SD-2044 Xavier Capdepon Statutory Disqualification, Denials
Sep 8, 2016 SD-2048 Citigroup Global Markets Inc. Statutory Disqualification
Jan 29, 2015 SD-2050 Theodore Rothman with First Allied Securities, Inc. Statutory Disqualification, Approvals
Apr 16, 2015 SD-2054 Patrick Lubin with Dinosaur Securities Statutory Disqualification, Approvals
Jun 23, 2015 SD-2059 Stephen Pocina with Eroom Securities LLC Statutory Disqualification, Approvals
Jan 25, 2017 SD-2062 Oppenheimer & Co. Disciplinary Decision
May 9, 2016 SD-2069 APPEALED: Bruce Meyers with Meyers Associates, L.P. Statutory Disqualification, Denials
Jun 8, 2016 SD-2088 James D. Goodland with Spire Securities LLC Statutory Disqualification, Approvals
Jul 15, 2016 SD-2096 Louis A. Woolf with Voya Financial Advisors, Inc. Statutory Disqualification, Approvals
May 16, 2017 SD-2103 Marc N. Jaffe as a General Securities Representative with Integrity Brokerage Services, Inc. Statutory Disqualification, Denials
Sep 14, 2016 SD-2104 SD-2104 Edwin Kantor with S2K Financial LLC Statutory Disqualification, Approvals
Mar 8, 2017 SD-2117 Craig Scott Taddonio as a General Securities Representative with Meyers Associates, L.P. (n/k/a Windsor Street Capital, LP) Statutory Disqualification
Mar 23, 2017 SD-2120 Alexander Bastron with Cambridge Investment Research Statutory Disqualification, Approvals
Feb 22, 2018 SD-2123 Catherine Ann Sheridan Statutory Disqualification, Approvals
Feb 9, 2017 SD-2125 Alfred G. Block with Buckman, Buckman and Reid, Inc. Statutory Disqualification, Approvals
Oct 2, 2017 SD-2129 APPEALED: Bruce Zipper Disciplinary Decision
Jul 27, 2017 SD-2130 APPEALED: Robert J. Escobio Statutory Disqualification, Denials
May 24, 2018 SD-2132 Kimberly Springsteen-Abbott Statutory Disqualification
Mar 13, 2018 SD-2137 APPEALED: Gabriel Block Statutory Disqualification, Denials
Mar 23, 2017 SD-2138 Sandra M. Logay with Mid Atlantic Capital Corporation Statutory Disqualification, Approvals
Dec 11, 2017 SD-2144 Goldman, Sachs & Co. Statutory Disqualification, Approvals
Nov 28, 2017 SD-2147 Morgan Stanley Smith Barney Statutory Disqualification, Approvals
Jun 16, 2017 SD-2154 James H. Dean with American Portfolios Financial Services, Inc. Statutory Disqualification, Approvals
Nov 3, 2017 SD-2160 Louis Capital Markets, LP Statutory Disqualification, Approvals

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