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
Jul 24, 2017 20120320803-01 Shiva Naby Disciplinary Decision
Sep 27, 2013 20120321124-01 Hearing Panel Decision in Department of Enforcement v. Gregg Charles Lorenzo Disciplinary Decision
Oct 3, 2016 2012032519101 Robert Earl Holaday Disciplinary Decision
Sep 30, 2014 2012032519101 Order Denying Respondent’s Motion for Production of Documents Disciplinary Order
May 21, 2015 2012032519101 APPEALED: Robert Earl Holaday Disciplinary Decision
Feb 27, 2018 2012032731802 APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley Disciplinary Decision
Jul 8, 2014 2012032950101 Hearing Panel Decision in Department of Enforcement v. Joseph R. Butler Disciplinary Decision
Sep 25, 2015 2012032950101 APPEALED: Joseph R. Butler Disciplinary Decision
Jul 16, 2015 2012032997201 APPEALED: Stephen Grivas Disciplinary Decision
Feb 14, 2014 2012032997201 Hearing Panel Decision in Department of Enforcement v. Stephen Grivas Disciplinary Decision
Sep 13, 2016 2012033105901 Order Granting Department of Enforcement’s Motion to Strike Affirmative Defense. Disciplinary Order
Jul 16, 2014 2012033128703 Order Granting Motion to Limit Dissemination and Use of Personal Confidential Information Disciplinary Order
Jun 30, 2015 2012033128703 APPEALED: Brian Michael White Disciplinary Decision
Jul 18, 2016 2012033351801 Paolo Franca Iida Disciplinary Decision
Apr 28, 2015 2012033351801 CALLED FOR REVIEW: Paolo Franca Iida Disciplinary Decision
Jan 10, 2017 2012033362101 Thomas Edmund Connors Disciplinary Decision
Jan 15, 2016 2012033362101 APPEALED: Thomas Edmund Connors Disciplinary Decision
Feb 3, 2016 2012033393401 Order Granting in Part and Denying in Part Respondent’s Motion in Limine to Exclude the Testimony of KA, BS, and MC. Disciplinary Order
Jan 9, 2015 20120334673-01 Department of Enforcement v. John Thomas Financial, Inc. Disciplinary Decision
Sep 15, 2015 2012033508702 APPEALED: Wall Street Securities, Inc., Gary Savage, Sr., and Louis Karl Kittlaus Disciplinary Decision
Oct 3, 2018 2012033832501 Matthew David Rubin Disciplinary Decision
Dec 14, 2016 2012033832501 APPEALED: Matthew D. Rubin Disciplinary Decision
Apr 2, 2015 2012034045101 Charles H. Melvin, Jr. Disciplinary Decision
Sep 25, 2015 2012034211301 APPEALED: Fuad Ahmed Disciplinary Decision
Jun 25, 2014 2012034211301 Hearing Panel Decision in Department of Enforcement v. Success Trade Securities, Inc. and Fuad Ahmed Disciplinary Decision

Pages