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
Date of Decision | Proceeding No. | Title | Type |
---|---|---|---|
July 24, 2023 | 2022074278301 | BrokerBank Securities, et al. | Disciplinary Decision - Default |
July 21, 2023 | 2021071137001 | Order Governing the Use of Leading Questions to Former Employees of Respondent Lek Securities Corporation | Disciplinary Order |
July 19, 2023 | 2021071137001 | Order Granting in Part and Denying in Part Respondents’ Motion to Preclude FINRA from Using Testimony Procured Through Rule 8210 and for Sanctions Pursuant to Rule 9280 | Disciplinary Order |
July 17, 2023 | 2021071137001 | Order Deferring Ruling on Lek Securities Corp. and Charles Frederik Lek’s Motion in Limine to Exclude Certain Evidence | Disciplinary Order |
July 14, 2023 | 2020066627202 | APPEALED: Suzanne Marie Capellini | Disciplinary Decision |
June 27, 2023 | 2022076975901 | Miche D. Jean | Disciplinary Decision - Default |
June 16, 2023 | SD-2295 | Allen B. Holeman with David Lerner Associates. Inc. | Statutory Disqualification, Approvals |
June 14, 2023 | 2018057297102 | Order Denying Respondent’s Motion to Disqualify Enforcement Counsel | Disciplinary Order |
June 12, 2023 | 2019061528001 | Order Granting, in Part, Enforcement’s Motion for Interim Conditions and Restrictions on Respondents Pursuant to FINRA Rule 9285 | Disciplinary Order |
June 06, 2023 | ARB230003 | Trevor Michael Perry | Expedited Decision |
June 06, 2023 | 2021071137001 | Order Establishing Procedures Regarding Treatment of SAR Information | Disciplinary Order |
June 06, 2023 | 2019061528001 | Order Denying Respondents’ Request for Oral Argument on Enforcement’s Pending Rule 9285 Motion for Conditions and Restrictions | Disciplinary Order |
June 02, 2023 | 2021070337501 | Order Denying Respondent’s Motion in Limine | Disciplinary Order |
May 30, 2023 | 2015045257501 | APPEALED: Ricky Alan Mantei | Disciplinary Decision |
May 26, 2023 | 2021070337501 | Order Granting Enforcement’s Motion for Leave to Offer Telephone or Videoconference Testimony | Disciplinary Order |
May 16, 2023 | 2021072142202 | Roger L. Arnold | Disciplinary Decision - Default |
April 19, 2023 | FPI220008 | Sally Nava Kanarek | Disciplinary Decision |
April 13, 2023 | SD-2317 | David Girton with Blaylock Van, LLC | Statutory Disqualification, Approvals |
April 13, 2023 | ARB220023 | Timothy P. Henry | Expedited Decision |
March 28, 2023 | 97002201 | Allied Millennial Partners, LLC and Daniel Peter Solakian | Rule 9700 Decision |
March 28, 2023 | 2019061528001 | APPEALED: Spartan Capital Securities LLC, John D. Lowry, and Kim M. Monchick | Disciplinary Decision |
March 23, 2023 | 2018058588501 | APPEALED: Christopher Peter Tranchina | Disciplinary Decision |
March 23, 2023 | 2018057297102 | Order Granting, in Part, Respondent’s Motion to Continue Hearing Dates | Disciplinary Order |
March 23, 2023 | 2018057274302 | APPEALED: Jason Lynn DiPaola | Disciplinary Decision |
March 17, 2023 | 2019061942901 | Order Directing Respondent to File a Rule-Compliant Answer | Disciplinary Order |