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.
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|
|January 17, 2023||2016050924601r||Bradley C. Reifler||Disciplinary Decision|
|January 06, 2023||2018058924502||Adam James Makkai||Disciplinary Decision|
|December 29, 2022||2017053462401||Robert Henderson||Disciplinary Decision|
|December 21, 2022||SD-2294||Heath Butler||Statutory Disqualification, Denials|
|December 02, 2022||SD-2312||Brian D. Yarch with Regulus Financial Group, LLC||Statutory Disqualification, Approvals|
|October 18, 2022||2017052760001||APPEALED: Nancy Kimball Mellon||Disciplinary Decision|
|October 13, 2022||2020065128501||APPEALED: Wilfredo Felix, Jr.||Disciplinary Decision|
|October 06, 2022||2013037522501r||APPEALED: Trevor Michael Saliba||Disciplinary Decision|
|October 03, 2022||SD-2238||APPEALED: Matthew Iverson||Statutory Disqualification, Denials|
|September 29, 2022||SD-2313||McDonald Partners LLC||Statutory Disqualification, Approvals|
|September 23, 2022||SD-2265||APPEALED: Laurence Allen||Statutory Disqualification, Denials|
|August 29, 2022||SD-2304||Herbert J. Sims & Co., Inc.||Statutory Disqualification, Approvals|
|August 26, 2022||SD-2300||TIAA-CREF Individual & Institutional Services, LLC||Statutory Disqualification, Approvals|
|August 26, 2022||2019064813801||APPEALED: NYPPEX, LLC, Laurence Allen, and Michael Schunk||Disciplinary Decision|
|August 18, 2022||ARB220007||Jeff Corey McElroy||Expedited Decision|
|August 09, 2022||2020066627202||Order Denying Enforcement's Motion to Strike Respondent's Second Affirmative Defense||Disciplinary Order|
|August 04, 2022||ARB220010||Order Dismissing Expedited Proceeding and Allowing Suspension to Take Effect||Expedited Order|
|July 22, 2022||2020066627202||Order Denying Respondent's Motion to Dismiss with Leave to Re-file as a Motion for Summary Disposition||Disciplinary Order|
|July 14, 2022||2019061528001||Order Granting Enforcement's Motion for Leave to Use Demonstrative||Disciplinary Order|
|July 14, 2022||2019061528001||Order Denying the Parties' Motions in Limine||Disciplinary Order|
|July 12, 2022||FPI220001||Ustocktrade Securities, Inc.||Expedited Decision|
|July 11, 2022||2019061528001||Order Granting Enforcement's Motion to Sequester Witnesses||Disciplinary Order|
|July 07, 2022||2019064656601||APPEALED: Charles Scott Burford||Disciplinary Decision|
|June 10, 2022||2018057235801||APPEALED: Megurditch Patatian||Disciplinary Decision|
|June 10, 2022||2018058537302||Jorge Antonio Netto||Disciplinary Decision|