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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 02, 2022 2019063570502 Matthew R. Logan Disciplinary Decision
May 23, 2022 SD-2306 Integral Financial, LLC Statutory Disqualification, Approvals
April 11, 2022 SD-2309 Shawn Mesaros with Greenberg Financial Group Statutory Disqualification, Approvals
April 07, 2022 FPI210010 Expedited Hearing Panel Decision - Department of Enforcement v. Alpine Securities Corporation Expedited Decision
March 28, 2022 SD-2296 Bolton Securities Corporation Statutory Disqualification, Approvals
March 25, 2022 2018057274302 APPEALED: Hearing Panel Decision - Department of Enforcement v. Jason L. DiPaola Disciplinary Decision
March 22, 2022 2019061232601 APPEALED: Extended Hearing Panel Decision - Department of Enforcement v. Alpine Securities Corporation Disciplinary Decision
March 16, 2022 2016047565702r APPEALED: Dakota Securities International, Inc. and Bruce Martin Zipper Disciplinary Decision
March 08, 2022 2019064813801 Supplemental Order Regarding Denial of Respondents’ Request for Postponement Disciplinary Order
March 02, 2022 2019060648701 Order Denying Respondent’s Motion to Dismiss Disciplinary Order
February 10, 2022 SD-2288 Interactive Brokers, LLC Statutory Disqualification, Approvals
February 10, 2022 2018058537302 Order Granting Department of Enforcement’s Motion for Leave to Use Demonstrative Disciplinary Order
January 31, 2022 2016048837401 Craig Stanton Norton Disciplinary Decision
January 21, 2022 2020067814802 Order Directing Respondent to File Answer Compliant With FINRA Rule 9215 Disciplinary Order
January 13, 2022 2018058537302 Order Denying Respondent’s Motion to Postpone Hearing Dates Disciplinary Order
January 12, 2022 2018057235801 Omnibus Order on Pre-Hearing Motions and Objections Disciplinary Order
January 11, 2022 SD-2290 Voya Financial Advisors, Inc. Statutory Disqualification, Approvals
January 03, 2022 ARB210015 Jeanette S. Stofleth Expedited Decision
December 30, 2021 FPI210005 Darryl Matthew Cohen Expedited Decision
December 16, 2021 2018059510201 APPEALED: Thomas John Lykos, Jr. Disciplinary Decision
December 16, 2021 2016051615301 Partho S. Ghosh Disciplinary Decision
December 15, 2021 2016052104101 APPEALED: Devin Lamarr Wicker Disciplinary Decision
December 14, 2021 2019061528001 Order Denying Respondents’ Motion For a More Definite Statement Disciplinary Order
December 01, 2021 SD-2277 Peter R. Serra with Joseph Gunnar & Co. LLC Statutory Disqualification, Approvals
November 10, 2021 2018057274302 Order Sustaining Department of Enforcement’s Objections to Enforcement Attorney Gary Chodosh Being Called as a Witness, and Granting Motion in Limine Disciplinary Order