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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 17, 2017 2014041860801 Case Management and Scheduling Order Disciplinary Order
December 15, 2017 2013037522501 APPEALED: Trevor Michael Saliba, Sperry Randall Younger, Richard Daniel Tabizon, and Arthur Mansourian Disciplinary Decision
December 14, 2017 ARB170025 Matthew Grady Expedited Decision
December 11, 2017 SD-2144 Goldman, Sachs & Co. Statutory Disqualification, Approvals
December 08, 2017 2013039306601 Michael Timothy Dolan Disciplinary Decision
December 06, 2017 SD-2056 Merrill Lynch, Pierce, Fenner & Smith Incorporated Statutory Disqualification, Approvals
December 01, 2017 2014039775501 Case Management and Scheduling Order Disciplinary Order
November 28, 2017 SD-2147 Morgan Stanley Smith Barney Statutory Disqualification, Approvals
November 21, 2017 2013037522501 Order Adding Additional Exhibit into Evidentiary Record Disciplinary Order
November 13, 2017 2013035345701 Order Sustaining Department of Enforcement’s Objection to Respondents’ Inclusion of Erin Vocke on their Proposed Witness List Disciplinary Order
November 13, 2017 2015047154001 Order Denying Respondent’s Amended Motion to Grant Expert Testimony Disciplinary Order
November 08, 2017 2014041985401 APPEALED: James Larkin Powers Disciplinary Decision
November 08, 2017 2014040809501 Eddie Basora, Jr. Disciplinary Decision
November 06, 2017 2015048048801 Hank M. Werner and Legend Securities, Inc. Disciplinary Decision
November 03, 2017 SD-2160 Louis Capital Markets, LP Statutory Disqualification, Approvals
October 25, 2017 2014042291901 APPEALED: Gopi K. Vungarala Disciplinary Decision
October 05, 2017 2013038986001 APPEALED: Richard Allen Riemer, Jr. Disciplinary Decision
October 03, 2017 ARB170022 Craig Arnold Sorenson Expedited Decision
October 02, 2017 2013037401001 APPEALED: Stanley Clayton Niekras Disciplinary Decision
October 02, 2017 SD-2129 APPEALED: Bruce Zipper Disciplinary Decision
September 26, 2017 2012031748203 William Norris Jordan Disciplinary Decision
September 13, 2017 SD-2078 Alex J. Drost with Cascade Partners BD, LLC Statutory Disqualification, Approvals
September 08, 2017 2013035740901 Order Denying Respondents’ Motion for Summary Disposition Disciplinary Order
September 06, 2017 2014040476901 APPEALED: C.L. King and Gregg Alan Miller Disciplinary Decision
September 05, 2017 2016051925301 Order Granting Motion to Permit Witness Counsel to be Present During Testimony Disciplinary Order