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|
|SD-1750||NAC Statutory Disqualification Decision SD-1750||Statutory Disqualification, Approvals|
|Jan 16, 2014||SD-1750||Joseph Popp||Statutory Disqualification|
|May 7, 2014||SD-1757, SD-1758, & SD-1896||UBS Financial Services, Inc., and UBS Securities, LLC||Statutory Disqualification, Approvals|
|SD-1794||NAC Statutory Disqualification Decision SD-1794||Statutory Disqualification, Approvals|
|Jan 31, 2014||SD-1794||RBC Capital Markets, LLC||Statutory Disqualification|
|Oct 2, 2014||SD-1798||Wells Fargo Advisors, LLC||Statutory Disqualification, Approvals|
|Dec 17, 2014||SD-1802||Deutsche Bank Securities, Inc.||Statutory Disqualification|
|Feb 19, 2014||SD-1812||Mitchell T. Toland||Statutory Disqualification, Denials|
|Jan 30, 2015||SD-1865||Scott H. Goldstein with Newbridge Securities Corp.||Statutory Disqualification, Approvals|
|Feb 3, 2015||SD-1865||Guy S. Amico with Newbridge Securities Corp.||Statutory Disqualification, Approvals|
|Apr 30, 2015||SD-1960||Scott Mathis with DPEC, Inc.||Statutory Disqualification, Approvals|
|Apr 22, 2015||SD-1962||Candace J. Lee with Financial Services International Corp||Statutory Disqualification, Approvals|
|Mar 27, 2014||SD-1975||Patrick Dukette||Statutory Disqualification, Approvals|
|Dec 11, 2014||SD-1997||Ronald M. Berman||Statutory Disqualification, Denials|
|Apr 6, 2016||SD-2010||Michael C. Furman with Citigroup Global Markets, Inc.||Statutory Disqualification, Approvals|
|Sep 9, 2014||SD-2012||David S. Thomas, Jr. with Purshe Kaplan Sterling Investments, Inc.||Statutory Disqualification, Approvals|
|Nov 6, 2014||SD-2017||Piper Jaffray & Co.||Statutory Disqualification, Approvals|
|Mar 4, 2014||SD-2023||Joel E. Breiter with Oppenheimer & Co., Inc.||Statutory Disqualification, Approvals|
|Feb 26, 2015||SD-2024||G-Trade Services LLC||Statutory Disqualification, Approvals|
|Mar 25, 2015||SD-2025||ConvergEx Execution Solutions, LLC||Statutory Disqualification, Approvals|
|Jun 17, 2016||SD-2026||RBS Securities, Inc.||Statutory Disqualification|
|May 20, 2016||SD-2027||APPEALED: Christopher Cota with Capital Financial Services, Inc.||Statutory Disqualification, Denials|
|Sep 29, 2015||SD-2029||Bret M. Shapiro with Dawson James Securities, Inc.||Statutory Disqualification, Denials|
|Apr 14, 2014||SD-2030||George L. Prost with Intercoastal Capital Markets, Inc.||Statutory Disqualification, Approvals|
|Aug 8, 2014||SD-2037||Jason Ginder with National Securities Corp.||Statutory Disqualification, Approvals|