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
Dec 2, 2014 2012030570301 Calvin B. Grigsby Disciplinary Decision
Apr 22, 2015 SD-1962 Candace J. Lee with Financial Services International Corp Statutory Disqualification, Approvals
Oct 1, 2015 2013035095301 Candace Jean Lee Disciplinary Decision
May 12, 2017 2013035130101 APPEALED: Cantone Research, Inc., Anthony Cantone, and Christine Cantone Disciplinary Decision
Feb 26, 2013 2007010158001 CapWest Securities, Inc.: Appealed Disciplinary Decision
Apr 30, 2008 E9B2003026301 Carl Martin Trevisan Disciplinary Decision
Jun 29, 1998 No Complaint Number Carlisle Investment Group, Ltd. Disciplinary Decision
May 26, 2017 2014040295201 Carolina Financial Securities, LLC, and Bruce Victor Roberts Disciplinary Decision
Dec 17, 2017 2014041860801 Case Management and Scheduling Order Disciplinary Order
May 25, 2017 2015047154001 Case Management and Scheduling Order Disciplinary Order
Aug 16, 2016 2014039173301 Case Management and Scheduling Order Disciplinary Order
Aug 9, 2017 2015044782401 Case Management and Scheduling Order Disciplinary Order
Aug 22, 2017 2015047303901 Case Management and Scheduling Order Disciplinary Order
Jan 11, 2018 2015047069701 Case Management and Scheduling Order Disciplinary Order
Dec 1, 2017 2014039775501 Case Management and Scheduling Order Disciplinary Order
Jan 10, 2018 2014041862701 Case Management and Scheduling Order Disciplinary Order
Feb 14, 2005 CMS030006 Castle Securities Corp. Disciplinary Decision
Feb 19, 2004 C3A010036 Castle Securities Corp. & Michael Studer Disciplinary Decision
Feb 22, 2018 SD-2123 Catherine Ann Sheridan Statutory Disqualification, Approvals
Dec 10, 2012 2010023719601 Chad A. McCartney Disciplinary Decision
Jan 3, 2007 C3A040001 Charles A. DaCruz and Thomas J. Linda Disciplinary Decision
Jan 8, 2007 C9A040024 Charles C. Fawcett IV Disciplinary Decision
Apr 2, 2015 2012034045101 Charles H. Melvin, Jr. Disciplinary Decision
Feb 27, 2007 C9B050011 Charles J. Cuozzo, Jr. Disciplinary Decision
Apr 24, 2014 2011029760201 Charles Schwab & Company, Inc. Disciplinary Decision

Pages