Skip to main content
Welcome to the new FINRA.org. Learn more about our updates.
Create your own user feedback survey

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 14, 2016 201303641201 Order Granting in Part and Denying in Part Enforcement’s Motion for Partial Summary Disposition Disciplinary Order
October 11, 2016 2009020941801 APPEALED: Lek Securities Corporation Disciplinary Decision
October 11, 2016 2015044379701 Melissa M. Velasquez Disciplinary Decision
October 05, 2016 FPI160009 Donald Shelby Toomer Expedited Decision
October 03, 2016 2012032519101 Robert Earl Holaday Disciplinary Decision
September 20, 2016 2015044960501 APPEALED: Avenir Financial Group, Michael Todd Clements, and Karim Ahmed Ibrahim Disciplinary Decision
September 14, 2016 SD-2104 SD-2104 Edwin Kantor with S2K Financial LLC Statutory Disqualification, Approvals
September 13, 2016 2012033105901 Order Granting Department of Enforcement’s Motion to Strike Affirmative Defense. Disciplinary Order
September 08, 2016 SD-2048 Citigroup Global Markets Inc. Statutory Disqualification
September 07, 2016 2013038986001 Order Denying Respondent’s Motion to Continue Hearing

Related Documents

Disciplinary Order
August 31, 2016 20140425550-02 Modesto Biney Disciplinary Decision
August 30, 2016 2014043020901 Order Granting Enforcement’s Motion for Exception From Sequestration. Disciplinary Order
August 29, 2016 ARB160009 Respondent Redacted Decision
August 24, 2016 2014043020901 Order Granting Joint Motion to Permit Witnesses to Have Counsel Present During Testimony Disciplinary Order
August 24, 2016 20100226911-02 Bharminder Singh Disciplinary Decision
August 23, 2016 2011025675501 APPEALED: Kimberly Springsteen-Abbott Disciplinary Decision
August 16, 2016 2014039173301 Case Management and Scheduling Order Disciplinary Order
August 15, 2016 2013038986001 Order Rejecting Offer of Settlement

Related Documents

Disciplinary Order
August 12, 2016 2013039639101 Ronald Leslie Geffner Disciplinary Decision
August 05, 2016 ARB160012 Fairbridge Capital Markets Expedited Decision
August 04, 2016 FPI160002 Robert DePalo Expedited Decision
August 03, 2016 2011025851501 APPEALED: KCD Financial, Inc. Disciplinary Decision
August 02, 2016 FPI160006 Dawn Bennett Expedited Decision
July 28, 2016 2013035817701 Protective Order Governing Personal Confidential Information Disciplinary Order
July 28, 2016 20120342425-01 Order Concerning Parties’ Motion for Leave to Present Expert Testimony Disciplinary Order