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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

Date of Decision Proceeding No. Title Type
June 02, 2021 2013035345701 Titan Securities, Brad C. Brooks, and Richard Wayne Demetriou Disciplinary Decision
June 02, 2021 M00010007 APPEALED: In the Matter of the New Member Application of Applicant Firm Membership Decision, Redacted Decision
May 27, 2021 2017052871401 William James Potter Disciplinary Decision
May 26, 2021 2018058286901 Wilfredo Felix Disciplinary Decision
April 30, 2021 SD-2257 GFI Securities LLC Statutory Disqualification, Approvals
April 26, 2021 SD-2291 Richard Reis with CINCaP Investment Group, Inc. Statutory Disqualification, Approvals
April 20, 2021 SD-2218 Charles Schwab & Co., Inc. Statutory Disqualification, Approvals
March 17, 2021 SD-2119 Barclays Capital, Inc. Statutory Disqualification, Approvals
March 10, 2021 2018059545201 APPEALED: Robert Juan Escobio Disciplinary Decision
February 18, 2021 2015045257501 APPEALED: Ricky Alan Mantei Disciplinary Decision
February 11, 2021 SD-2273 Craig Burdulis with Boenning & Scattergood, Inc. Statutory Disqualification, Approvals
February 09, 2021 SD-2243 Wells Fargo Securities, LLC Statutory Disqualification, Approvals
February 09, 2021 SD-2221 Cadaret, Grant & Co. Statutory Disqualification, Approvals
February 03, 2021 2019064416201 Travis Scott Hughes Disciplinary Decision
February 02, 2021 SD-2262 David L. Ciano with The Strategic Financial Alliance, Inc. Statutory Disqualification, Approvals
January 13, 2021 ARB200025 Giovanni Antonio Malatesta Expedited Decision
December 22, 2020 2016050205901 Charles A. Laverty Disciplinary Decision
December 17, 2020 2017055608101 Kapil Maheshwari Disciplinary Decision
December 17, 2020 2015044782401 APPEALED: Robbi J. Jones and Kipling Jones & Company, Ltd. Disciplinary Decision
November 24, 2020 SD-2210 Barry Todd Eisenberg with Alexander Capital, L.P. Statutory Disqualification, Approvals
October 28, 2020 SD-2226 Zachary S. Brodt Statutory Disqualification, Approvals
October 08, 2020 SD-2278 Columbus Advisory Group, Ltd. Statutory Disqualification, Approvals
September 21, 2020 2014039174202 Steven E. Larson Disciplinary Decision
September 18, 2020 2015043646501 APPEALED: Eric S. Smith Disciplinary Decision
September 17, 2020 2016050938301 APPEALED: Michael Joseph Clarke Disciplinary Decision