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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
October 15, 2024 2019060753508 Michael R. Rosalia Disciplinary Decision - Default
October 09, 2024 2019061528001 Spartan Capital Securities, LLC, John D. Lowry, and Kim M. Monchik Disciplinary Decision
October 03, 2024 2020066627202 Suzanne Marie Capellini Disciplinary Decision
September 30, 2024 2023078168101 Tavic O. Francis Disciplinary Decision - Default
September 27, 2024 SD-2394 Northwestern Mutual Investment Services, LLC Statutory Disqualification, Approvals
September 20, 2024 2018056490310 Thomas J. Baumann Disciplinary Decision - Default
September 13, 2024 2023077591501 Gary F. Harpe Disciplinary Decision - Default
August 30, 2024 SD-2396 Guggenheim Securities, LLC Statutory Disqualification, Approvals
August 28, 2024 202006607903 APPEALED: Jose L. Centeno Disciplinary Decision
August 23, 2024 2018056490311 Stephen James Sullivan Disciplinary Decision - Default
August 21, 2024 SD-2380 Robert W. Baird & Co. Incorporated Statutory Disqualification, Approvals
August 20, 2024 SD-2376 Interactive Brokers LLC Statutory Disqualification, Approvals
August 20, 2024 SD-2375 Interactive Brokers Corp. Statutory Disqualification, Approvals
August 16, 2024 2018060128401 Michael Charles Grande Disciplinary Decision - Default
August 15, 2024 2018057297102 APPEALED: Mark Sam Kolta Disciplinary Decision
August 06, 2024 ARB240008 John Lawrence Davis Expedited Decision
July 24, 2024 SD-2371 Mizuho Securities USA LLC Statutory Disqualification, Approvals
July 19, 2024 SD-2372 BMO Capital Markets Corp. Statutory Disqualification, Approvals
July 10, 2024 SD-2368 Wells Fargo Securities, LLC Statutory Disqualification, Approvals
July 08, 2024 ARB240001 Jason Malcom Pirnie Expedited Decision
July 03, 2024 SD-2391 The Huntington Investment Company Statutory Disqualification, Approvals
July 03, 2024 SD-2389 Huntington Securities, Inc. Statutory Disqualification, Approvals
July 03, 2024 SD-2390 Capstone Capital Markets LLC Statutory Disqualification, Approvals
July 01, 2024 SD-2373 BNP Paribas Securities Corp. Statutory Disqualification, Approvals
July 01, 2024 SD-2370 Wells Fargo Clearing Services, LLC Statutory Disqualification, Approvals