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 ascending Type
Apr 21, 1999 C9B960013 Steven D. Goodman Disciplinary Decision
Nov 9, 1999 C9B960013 Steven D. Goodman Disciplinary Decision
Aug 25, 1998 C07960069 Steven A. Kirschbaum Disciplinary Decision
Feb 12, 2007 C06040027 Sterling Scott Lee and Dennis Todd Lloyd Gordon Disciplinary Decision
Dec 28, 2011 2007009403801 Stephen W. Wilson Disciplinary Decision
Jun 23, 2015 SD-2059 Stephen Pocina with Eroom Securities LLC Statutory Disqualification, Approvals
May 20, 2008 C07050050 Stephen P. Dunbar Disciplinary Decision
Jan 23, 1998 C02960042 Stephen J. Gluckman Disciplinary Decision
Jul 16, 2015 2012032997201 APPEALED: Stephen Grivas Disciplinary Decision
Dec 18, 2000 C10990014 Stephen Earl Prout Disciplinary Decision
Dec 13, 2001 C10000165 Stephen D. Carcaterra Disciplinary Decision
Aug 2, 2017 2014042690502 Stephen Brown and James Goetz Disciplinary Decision
Jan 7, 2005 ARB040032 Stephen B. Webster Expedited Decision, Rule 9550 Expedited Decisions
Oct 2, 2017 2013037401001 APPEALED: Stanley Clayton Niekras Disciplinary Decision
Mar 21, 2017 2013035865303 APPEALED: Spencer Edwards, Inc. and Gordon Dihle Disciplinary Decision
Mar 3, 2017 2014039285401 APPEALED: Southeast, N.C., Inc. and Frank Harmon Black Disciplinary Decision
Aug 28, 2006 C05030036 Sisung Securities Corporation 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

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