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|
|Oct 2, 2014||SD-1798||Wells Fargo Advisors, LLC||Statutory Disqualification, Approvals|
|Jan 31, 2014||SD-1794||RBC Capital Markets, LLC||Statutory Disqualification|
|SD-1794||NAC Statutory Disqualification Decision SD-1794||Statutory Disqualification, Approvals|
|May 7, 2014||SD-1757, SD-1758, & SD-1896||UBS Financial Services, Inc., and UBS Securities, LLC||Statutory Disqualification, Approvals|
|SD-1750||NAC Statutory Disqualification Decision SD-1750||Statutory Disqualification, Approvals|
|Jan 16, 2014||SD-1750||Joseph Popp||Statutory Disqualification|
|Jun 29, 1998||No Complaint Number||Carlisle Investment Group, Ltd.||Disciplinary Decision|
|Jan 1, 2009||n/a||In the Matter of Corporation K||OTCBB, Redacted Decision|
|May 4, 2015||M00010006||APPEALED: In the Matter of the New Membership Application Firm X||Membership Decision, Redacted Decision|
|Sep 29, 2014||M00010005||In the Matter of the Membership Continuance Application of The Firm||Membership Decision, Redacted Decision|
|Jul 25, 2016||FR160001||Merriman Capital Inc.||Expedited Decision|
|Oct 29, 2018||FPI180004||Jessica Bower Blake||Expedited Decision|
|Sep 10, 2018||FPI180002||TMR Bayhead Securities||Disciplinary Decision|
|Oct 5, 2016||FPI160009||Donald Shelby Toomer||Expedited Decision|
|Aug 2, 2016||FPI160006||Dawn Bennett||Expedited Decision|
|Jul 11, 2016||FPI160004||Fairbridge Capital Markets||Expedited Decision|
|Aug 4, 2016||FPI160002||Robert DePalo||Expedited Decision|
|Feb 18, 2016||FPI150009||Gary James Lundgren||Expedited Decision, Non-Summary Proceeding|
|Mar 12, 2015||FPI140011||Hearing Panel Decision in Regulatory Operations v. Alex Lubetsky||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|
|Dec 6, 2012||FPI120012||Hearing Panel Decision in Department of Enforcement v. Steven Barbot||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|
|Jul 20, 2012||FPI110005||Hearing Panel Decision in Decision in Department of Enforcement v. Justin W. Keener||Expedited Decision, Rule 9550 Expedited Decisions|
|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|
|Sep 17, 2010||FPI100016||Hearning Panel Decision in Department of Member Regulation v. Gremo Investments, Inc.||Expedited Decision, Rule 9550 Expedited Decisions|