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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
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 29, 2019 2016049321302 Order Granting Consent Motion to Sequester Disciplinary Order
August 23, 2019 2018056848101 APPEALED: Thomas Lee Johnson Disciplinary Decision
August 22, 2019 2016050938301 Charles Edwin Taylor, Jodi Oyler Padgett, and John Lodge Farmer Disciplinary Decision
August 15, 2019 FPI190005 Myron K. Gruenberg Expedited Decision
August 15, 2019 FPI190001 - FPI190002 Alpine Securities Corp. and Scottsdale Capital Advisors Corp. Expedited Decision
August 07, 2019 2017052871401 APPEALED: William James Potter Disciplinary Decision
August 07, 2019 2016051615301 APPEALED: Partho S. Ghosh Disciplinary Decision
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
July 10, 2019 2015045312501 Order Regarding Discovery Disciplinary Order
July 08, 2019 2017054405401 Order Denying Respondent William Kielczewshi’s Request for the Issuance of a Request for Documents Disciplinary Order
July 01, 2019 2015045312501 Order Establishing Procedures Regarding Treatment of SAR Information Disciplinary Order
June 25, 2019 2016051493704 Omnibus Order on Pre-Hearing Motions Disciplinary Order
June 19, 2019 2016050957901 Order Granting Respondents’ Rules 9252 and 9253 Motions Disciplinary Order
June 19, 2019 2016050957901 Order Granting Enforcement’s Motion for Leave to Offer Expert Testimony Disciplinary Order
June 14, 2019 2015047005801 APPEALED: Brian Colin Doherty Disciplinary Decision
June 14, 2019 2016048393501 Order Denying in Part and Granting in Part Respondents’ Motion to Compel Production of Metadata Disciplinary Order
June 05, 2019 2016052104101 APPEALED: Devin Lamarr Wicker Disciplinary Decision
June 05, 2019 2017053428201 APPEALED: DreamFunded Marketplace, LLC and Manuel Fernandez Disciplinary Decision
June 04, 2019 2016050137503 Order Denying Respondents’ Motion for More Definite Statement Disciplinary Order
May 23, 2019 2014039285401 APPEALED: Southeast Investments, N.C., Inc. & Frank Harmon Black Disciplinary Decision