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 ascending Title Type
Jun 17, 2016 SD-2026 RBS Securities, Inc. Statutory Disqualification
Mar 25, 2015 SD-2025 ConvergEx Execution Solutions, LLC Statutory Disqualification, Approvals
Feb 26, 2015 SD-2024 G-Trade Services LLC Statutory Disqualification, Approvals
Mar 4, 2014 SD-2023 Joel E. Breiter with Oppenheimer & Co., Inc. Statutory Disqualification, Approvals
Nov 6, 2014 SD-2017 Piper Jaffray & Co. Statutory Disqualification, Approvals
Sep 9, 2014 SD-2012 David S. Thomas, Jr. with Purshe Kaplan Sterling Investments, Inc. Statutory Disqualification, Approvals
Apr 6, 2016 SD-2010 Michael C. Furman with Citigroup Global Markets, Inc. Statutory Disqualification, Approvals
Dec 11, 2014 SD-1997 Ronald M. Berman Statutory Disqualification, Denials
Mar 27, 2014 SD-1975 Patrick Dukette Statutory Disqualification, Approvals
Apr 22, 2015 SD-1962 Candace J. Lee with Financial Services International Corp Statutory Disqualification, Approvals
Apr 30, 2015 SD-1960 Scott Mathis with DPEC, Inc. Statutory Disqualification, Approvals
Feb 3, 2015 SD-1865 Guy S. Amico with Newbridge Securities Corp. Statutory Disqualification, Approvals
Jan 30, 2015 SD-1865 Scott H. Goldstein with Newbridge Securities Corp. Statutory Disqualification, Approvals
Feb 19, 2014 SD-1812 Mitchell T. Toland Statutory Disqualification, Denials
Dec 17, 2014 SD-1802 Deutsche Bank Securities, Inc. Statutory Disqualification
Oct 2, 2014 SD-1798 Wells Fargo Advisors, LLC Statutory Disqualification, Approvals
Jan 31, 2014 SD-1794 RBC Capital Markets, LLC Statutory Disqualification
SD-1794 NAC Statutory Disqualification Decision SD-1794 Statutory Disqualification, Approvals
May 7, 2014 SD-1757, SD-1758, & SD-1896 UBS Financial Services, Inc., and UBS Securities, LLC Statutory Disqualification, Approvals
SD-1750 NAC Statutory Disqualification Decision SD-1750 Statutory Disqualification, Approvals
Jan 16, 2014 SD-1750 Joseph Popp Statutory Disqualification
Jun 29, 1998 No Complaint Number Carlisle Investment Group, Ltd. Disciplinary Decision
Jan 1, 2009 n/a In the Matter of Corporation K OTCBB, Redacted Decision
May 4, 2015 M00010006 APPEALED: In the Matter of the New Membership Application Firm X Membership Decision, Redacted Decision
Sep 29, 2014 M00010005 In the Matter of the Membership Continuance Application of The Firm Membership Decision, Redacted Decision

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