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Adjudication & Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement Department or Market Regulation 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.

Date of Decision Proceeding No. Title Type
March 04, 2019 2016050883001 Notice of Receipt of Answer and Order Setting Initial Pre-Hearing Conference Disciplinary Order
March 04, 2019 2016050883001 Hayes, O. Governing PCI Disciplinary Order
March 04, 2019 2015047005801 Order Granting Motion for Leave to Offer Telephone or VideoConference Testimony Disciplinary Order
March 01, 2019 2016051493704 Order Granting in Part Enforcement’s Motion for Rule-Compliant Answer Disciplinary Order
February 28, 2019 2016048393501 Notice of Receipt of Answer and Order Setting Initial Pre-Hearing Conference and Requiring Certificate of Compliance with FINRA Rule 9910 Disciplinary Order
February 15, 2019 2015045312501 Supplemental Order Regarding Denial of Motion for Stay of Proceedings Disciplinary Order
February 07, 2019 ARB180031 Robert Jay Pincus Expedited Decision
January 30, 2019 2015047005801 Order Denying Enforcement’s Motion for Summary Disposition and Granting in Part and Denying in Part Motion to Strike Affirmative Defense Disciplinary Order
January 29, 2019 2014043863001 APPEALED: Peter Orlando Disciplinary Decision
January 29, 2019 2015044823501, 2015044823502 Craig Scott Taddonio, Brent Morgan Porges, Edward Beyn Disciplinary Decision
January 29, 2019 2014042606902 APPEALED: Silver Leaf Partners, LLC Disciplinary Decision
January 25, 2019 ARB180037 Order Denying Motion to Dismiss; Expedited Order
January 16, 2019 2013035130101 APPEALED: Cantone Research, Inc., Anthony Cantone, and Christine Cantone Disciplinary Decision
January 09, 2019 2016050938301 Order Granting Department of Enforcement’s Motion For Leave to Amend its Exhibit List Disciplinary Order
January 09, 2019 2016050938301 Order Granting Department of Enforcement’s Unopposed Motion Regarding Sequestration Disciplinary Order
January 08, 2019 2015046759201 Todd B. Wyche Disciplinary Decision
January 08, 2019 2013037522501 APPEALED: Trevor Michael Saliba, Sperry Randall Younger, Richard Daniel Tabizon, and Arthur Mansourian Disciplinary Decision
January 02, 2019 2015043646501 APPEALED: CSSC Brokerage Services, Inc. Disciplinary Decision
December 20, 2018 SD-2157 Allan Wolfe Statutory Disqualification, Approvals
November 29, 2018 SD-2095 Ronald B. Smith Statutory Disqualification, Approvals
November 29, 2018 2014041860801 APPEALED: Sandlapper Securities, LLC, Trevor Gordon and Jack Bixler Disciplinary Decision
November 23, 2018 2017052871401 Order Denying Respondent’s Motion for Discovery and Motion Pursuant to Rule 9253 Disciplinary Order
November 21, 2018 SD-2203 Gates Capital Corporation Statutory Disqualification, Approvals
November 14, 2018 2014041862701 APPEALED: Spencer Edwards, Inc. Disciplinary Decision
November 13, 2018 2016050205901 APPEALED: Charles A. Laverty Disciplinary Decision