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|
|Oct 3, 2018||2012033832501||Matthew David Rubin||Disciplinary Decision|
|Oct 2, 2018||2014042291901||APPEALED: Gopi Krishna Vungarala||Disciplinary Decision|
|Sep 14, 2018||2014039775501||James Randall Clay||Disciplinary Decision|
|Sep 10, 2018||FPI180002||TMR Bayhead Securities||Disciplinary Decision|
|Aug 17, 2018||SD-2151||Jesse B. Shelmire, IV with Stonegate Capital Markets, Inc.||Statutory Disqualification, Approvals|
|Aug 7, 2018||2016050924601||APPEALED: Bradley C. Reifler||Disciplinary Decision|
|Aug 1, 2018||2016050025401||Order Granting Motion for Leave to File Second Amended Complaint||Disciplinary Order|
|Aug 1, 2018||SD-2179||State Street Global Advisors Funds Distributors, LLC||Statutory Disqualification, Approvals|
|Aug 1, 2018||SD-2180||State Street Global Markets, 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|
|Jul 16, 2018||2015047154001||Kris Lynn Lewis||Redacted Decision|
|Jul 16, 2018||2015047069701||Leslie George Markus||Disciplinary Decision|
|Jul 5, 2018||2015046631101||APPEALED: Robert R Tweed||Disciplinary Decision|
|Jul 5, 2018||2015048362402||APPEALED: John Anthony Vedovino||Disciplinary Decision|
|Jun 25, 2018||SD-2183||David Girton||Statutory Disqualification, Approvals|
|Jun 18, 2018||2016047565702||APPEALED: Bruce Martin Zipper and Dakota Securities International, Inc.||Disciplinary Decision|
|Jun 14, 2018||2014039174202||APPEALED: Steven E. Larson||Disciplinary Decision|
|Jun 13, 2018||2016049085401||APPEALED: Robert Charles McNamara||Disciplinary Decision|
|May 25, 2018||SD-2189||Francis D. Moise, Sr., with First Western Securities, Inc.||Statutory Disqualification, Approvals|
|May 24, 2018||SD-2132||APPEALED: Kimberly Springsteen-Abbott||Statutory Disqualification, Denials|
|May 23, 2018||2012034393801||Aon Miller||Disciplinary Decision|
|May 23, 2018||2012030564701||Newport Coast Securities, Inc., Andre La Barbera, Douglas Leone||Disciplinary Decision|
|May 21, 2018||2014043001601||Allen Holeman||Disciplinary Decision|
|May 17, 2018||2015044960501||Michael Todd Clements||Disciplinary Decision|
|May 14, 2018||SD-2172||APPEALED: Windsor Street Capital, L.P. (f/k/a Meyers Associates, L.P.)||Statutory Disqualification, Denials|