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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
June 15, 2024 SD-2365 Moelis & Company LLC Statutory Disqualification, Approvals
May 14, 2024 SD-2361 HSBC Securities (USA) Inc. Statutory Disqualification, Approvals
April 12, 2024 SD-2360 Scotia Capital (USA) Inc. Statutory Disqualification, Approvals
April 12, 2024 SD-2367 SG Americas Securities, LLC Statutory Disqualification, Approvals
April 08, 2024 2019064813801 APPEALED: NYPPEX, LLC, Laurence Allen, and Michael Schunk Disciplinary Decision
March 28, 2024 2021070734301 Beliveau Bays Disciplinary Decision - Default
March 22, 2024 2021071137001 APPEALED: Charles Frederik Lek Disciplinary Decision
March 21, 2024 SD-2346 Jefferies, LLC Statutory Disqualification, Approvals
March 21, 2024 2021070337501 APPEALED: Michael Venturino Disciplinary Decision
March 21, 2024 SD-2335 Goldman Sachs & Co. LLC Statutory Disqualification, Approvals
March 14, 2024 2019064656601 APPEALED: Charles Scott Burford Disciplinary Decision
March 13, 2024 SD-2366 Houlihan Lokey Capital, Inc. Statutory Disqualification, Approvals
March 13, 2024 SD-2356 Centaurus Financial, Inc. Statutory Disqualification, Approvals
February 28, 2024 2019061942901 APPEALED: Michael Ciro Colletti Disciplinary Decision
February 08, 2024 SD-2345 Morgan Stanley & Co. LLC Statutory Disqualification, Approvals
February 07, 2024 2019064508802 Order Denying Respondent’s Motion for Leave to Permit Expert Testimony Disciplinary Order
February 06, 2024 2021071094401 Amended Order Relating to Audio Files Disciplinary Order
January 31, 2024 2023077669201 Damian M. Baird Disciplinary Decision - Default
January 29, 2024 SD-2348 Citigroup Global Markets Inc. Statutory Disqualification, Approvals
January 29, 2024 SD-2344 Morgan Stanley Smith Barney LLC Statutory Disqualification, Approvals
January 26, 2024 SD-2338 BofA Securities, Inc. Statutory Disqualification, Approvals
January 25, 2024 2017055886402 Cantone Research Inc., Anthony J. Cantone, and Raymond J. DeRobbio Disciplinary Decision
January 23, 2024 2018060897302 Darren M. Kubiak Disciplinary Decision - Default
January 17, 2024 2018057297102 Order granting in part, and denying, in part, enforcement’s consent motion for leave to offer telephone or videoconference testimony Disciplinary Order
January 17, 2024 SD-2339 Merrill Lynch, Pierce, Fenner & Smith Incorporated Statutory Disqualification, Approvals