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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
December 19, 2019 2012032731802 APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley Disciplinary Decision
December 19, 2019 2017055608101 APPEALED: Kapil Maheshwari Disciplinary Decision
December 17, 2019 2016051493704 APPEALED: Jorge A. Reyes Disciplinary Decision
December 17, 2019 SD-2121 Interactive Brokers LLC Statutory Disqualification, Approvals
December 16, 2019 2015045456401 David O. Braeger Disciplinary Decision
December 11, 2019 2015046631101 Robert R. Tweed Disciplinary Decision
December 10, 2019 2013035865303 Spencer Edwards, Inc. Disciplinary Decision
November 11, 2019 ARB190024 Jonathan R. Lake Expedited Decision
November 06, 2019 2018059510201 Case Management and Scheduling Order Disciplinary Order
November 01, 2019 FPI190006 KJM Securities Expedited Decision
October 02, 2019 2014040476901 C.L. King & Associates, Inc. and Gregg Alan Miller Disciplinary Decision
September 30, 2019 2016050924601 Bradley C. Reifler Disciplinary Decision
September 19, 2019 2016049321302 Order Granting Consent Motion to Sequester Disciplinary Order
September 12, 2019 2018059545201 Case Management and Scheduling Order Disciplinary Order
August 23, 2019 2018056848101 APPEALED: Thomas Lee Johnson Disciplinary Decision
August 22, 2019 2017053382401 Charles Edwin Taylor, Jodi Oyler Padgett, and John Lodge Farmer Disciplinary Decision
August 15, 2019 FPI190001 - FPI190002 Alpine Securities Corp. and Scottsdale Capital Advisors Corp. Expedited Decision
August 15, 2019 FPI190005 Myron K. Gruenberg Expedited Decision
August 07, 2019 2017052871401 APPEALED: William James Potter Disciplinary Decision
August 07, 2019 2016051615301 APPEALED: Partho S. Ghosh Disciplinary Decision
August 02, 2019 SD-2159 IBN Financial Services, Inc. Statutory Disqualification, Approvals
August 01, 2019 2015045312501 Supplemental Order Re: Denial of Second Motion to Stay Disciplinary Order
July 30, 2019 2016049085401 Robert Charles McNamara Disciplinary Decision
July 26, 2019 2015045254501 Richard O. White Disciplinary Decision
July 11, 2019 2017052760001 APPEALED: Nancy Kimball Mellon Disciplinary Decision