Skip to main content

Adjudications & Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement 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.


View All Adjudications & Decisions

Choose Year
Date of Decision Proceeding No. Title Type
March 23, 2017 2014040968501 APPEALED: Ahmed Gadelkareem Disciplinary Decision
March 23, 2017 SD-2138 Sandra M. Logay with Mid Atlantic Capital Corporation Statutory Disqualification, Approvals
March 23, 2017 SD-2120 Alexander Bastron with Cambridge Investment Research Statutory Disqualification, Approvals
March 21, 2017 2014038847602 Order Denying Motion to Quash and Requiring Respondent to Respond to Rule 8210 Requests No Later Than March 31, 2017. Disciplinary Order
March 21, 2017 2013035817701 Order 1) Granting Enforcement’s Motion For Leave to Permit Expert Testimony and 2) Amending Case Management and Scheduling Order Regarding Filing Exhibits. Disciplinary Order
March 21, 2017 2013035865303 APPEALED: Spencer Edwards, Inc. and Gordon Dihle Disciplinary Decision
March 21, 2017 2014038847602 Order Denying Respondent’s Motion to Compel Discovery. Disciplinary Order
March 17, 2017 2011029549201 Craig G. Langweiler Disciplinary Decision
March 16, 2017 2013035211801 APPEALED: David Adam Elgart Disciplinary Decision
March 16, 2017 ARB160047 J. Thaddeus McGaffey Expedited Decision
March 16, 2017 2015044921601 Order Denying Respondent’s Motion for Leave to Present Expert Testimony Disciplinary Order
March 15, 2017 2010025087302 APPEALED: Thaddeus J. North Disciplinary Decision
March 15, 2017 2009017440201 APPEALED: Louis Ottimo Disciplinary Decision
March 15, 2017 2011025444501 Wood (Arthur W.) Company, Inc. Disciplinary Decision
March 13, 2017 2011027926301 Matthew Joseph Sheerin Disciplinary Decision
March 08, 2017 2015044921601 Order Denying Respondent’s Discovery Motion. Disciplinary Order
March 08, 2017 SD-2117 Craig Scott Taddonio as a General Securities Representative with Meyers Associates, L.P. (n/k/a Windsor Street Capital, LP) Statutory Disqualification
March 07, 2017 2013035902701 Glenn McDowell Disciplinary Decision - Default
March 06, 2017 2015044198601 Michael Jean-Paul Mason Disciplinary Decision - Default
March 03, 2017 2014039285401 APPEALED: Southeast, N.C., Inc. and Frank Harmon Black Disciplinary Decision
February 24, 2017 2014042059701 Order Denying Respondent’s Motion for Permission to Offer Expert Testimony. Disciplinary Order
February 22, 2017 2014041724602 Eric Joseph Miller Disciplinary Decision - Default
February 09, 2017 SD-2125 Alfred G. Block with Buckman, Buckman and Reid, Inc. Statutory Disqualification, Approvals
February 09, 2017 2013035344201 Red River Securities, LLC and Brian Keith Hardwick Disciplinary Decision
February 07, 2017 2014042291901 Order Denying Respondents’ Motion for Summary Disposition. Disciplinary Order