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 Decisionsort ascending Proceeding No. Title Type
May 23, 2018 2012034393801 Aon Miller Disciplinary Decision
May 23, 2018 2012030564701 Newport Coast Securities, Inc., Andre La Barbera, Douglas Leone Disciplinary Decision
May 21, 2018 2014043001601 Allen Holeman Disciplinary Decision
May 17, 2018 2015044960501 Michael Todd Clements Disciplinary Decision
May 14, 2018 SD-2172 APPEALED: Windsor Street Capital, L.P. (f/k/a Meyers Associates, L.P.) Statutory Disqualification, Denials
May 3, 2018 2014039775501 Order Regarding Enforcement’s Motion to Strike Respondent’s Witnesses and Exhibits and Respondent’s Motion to Strike Enforcement Exhibits Disciplinary Order
May 3, 2018 2014039775501 Order Granting Enforcement’s Motion Regarding Sequestration of Witnesses Disciplinary Order
May 2, 2018 2014041860801 Omnibus Order on Pre-Hearing Motions Disciplinary Order
Apr 30, 2018 201404186800 APPEALED: Dennis A. Mehringer, Jr. Disciplinary Decision
Apr 25, 2018 2015046971701 Order Granting Enforcement’s Motion for Leave to Offer Telephone or Videoconference Testimony Disciplinary Order
Apr 24, 2018 2014041860801 Order Granting in Part and Denying in Part Renewed Motion to Compel. Disciplinary Order
Apr 11, 2018 2014040761001 Amended Order Denying Respondent’s Motion for Partial Summary Disposition Disciplinary Order
Apr 5, 2018 2015044600801 Gerard Chandler Gremillion Disciplinary Decision
Apr 5, 2018 David P. Brown Statutory Disqualification, Approvals
Mar 28, 2018 2011030293503 Richard Gomez Disciplinary Decision
Mar 20, 2018 2015046971701 Order Granting Motion to Allow De Bene Esse Deposition Disciplinary Order
Mar 19, 2018 2014040876001 Kenneth J. Mathieson Disciplinary Decision
Mar 14, 2018 2016052347901 APPEALED: Austin Wayne Morton Disciplinary Decision
Mar 13, 2018 SD-2137 APPEALED: Gabriel Block Statutory Disqualification, Denials
Mar 5, 2018 2015047154001 Order Denying Respondent’s Motion for Admission of Additional Exhibits Disciplinary Order
Feb 27, 2018 2015045254501 APPEALED: Richard O. White Disciplinary Decision
Feb 27, 2018 2012032731802 APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley Disciplinary Decision
Feb 22, 2018 SD-2123 Catherine Ann Sheridan Statutory Disqualification, Approvals
Feb 14, 2018 2016049420501 Second Order Rescheduling Initial Pre-Hearing Conference Disciplinary Order
Feb 6, 2018 DFC170004 APPEALED: Dakota Securities International, Inc. Expedited Decision

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