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 descending Title Type
Mar 25, 2011 FPI100022 Hearning Panel Decision in Department of Enforcement v. Kent Sweat and Intermountain Financial Services, Inc. Expedited Decision, Rule 9550 Expedited Decisions
Jul 20, 2012 FPI110005 Hearing Panel Decision in Decision in Department of Enforcement v. Justin W. Keener Expedited Decision, Rule 9550 Expedited Decisions
Jan 4, 2013 FPI120005 Hearing Panel Decision in Department of Enforcement v. Gregory E. Goldstein Expedited Decision, Rule 9550 Expedited Decisions
Dec 6, 2012 FPI120012 Hearing Panel Decision in Department of Enforcement v. Steven Barbot Expedited Decision, Rule 9550 Expedited Decisions
Jun 18, 2013 FPI130001 Hearing Panel Decision in Department of Enforcement v. Gregg Charles Lorenzo Expedited Decision, Rule 9550 Expedited Decisions
Mar 12, 2015 FPI140011 Hearing Panel Decision in Regulatory Operations v. Alex Lubetsky Expedited Decision, Rule 9550 Expedited Decisions
Feb 18, 2016 FPI150009 Gary James Lundgren Expedited Decision, Non-Summary Proceeding
Aug 4, 2016 FPI160002 Robert DePalo Expedited Decision
Jul 11, 2016 FPI160004 Fairbridge Capital Markets Expedited Decision
Aug 2, 2016 FPI160006 Dawn Bennett Expedited Decision
Oct 5, 2016 FPI160009 Donald Shelby Toomer Expedited Decision
Sep 10, 2018 FPI180002 TMR Bayhead Securities Disciplinary Decision
Oct 29, 2018 FPI180004 Jessica Bower Blake Expedited Decision
Jul 25, 2016 FR160001 Merriman Capital Inc. Expedited Decision
Sep 29, 2014 M00010005 In the Matter of the Membership Continuance Application of The Firm Membership Decision, Redacted Decision
May 4, 2015 M00010006 APPEALED: In the Matter of the New Membership Application Firm X Membership Decision, Redacted Decision
Jan 1, 2009 n/a In the Matter of Corporation K OTCBB, Redacted Decision
Jun 29, 1998 No Complaint Number Carlisle Investment Group, Ltd. Disciplinary Decision
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