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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 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
April 18, 2016 2011027007901 APPEALED: Shashishekhar Doni

Related Documents

Disciplinary Decision
April 06, 2016 SD-2010 Michael C. Furman with Citigroup Global Markets, Inc. Statutory Disqualification, Approvals
April 04, 2016 20120320803-01 APPEALED: Peter J. Auzers and Shiva Naby

Related Documents

Disciplinary Decision
March 30, 2016 2013036681701 Order Granting Enforcement’s Motion for Leave to Withhold Documents From Discovery. Disciplinary Order
March 25, 2016 2015044379701 Order Denying Rule 9252 Request Disciplinary Order
March 24, 2016 SD-MCDC-053 et al Boenning & Scattergood, Inc., First Midstate, Inc., Mitsubishi UFJ Securities (USA), Inc., Municipal Capital Markets Group, Inc., Roosevelt & Cross, Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-054 et al D.A. Davidson & Co., T.D. Securities (USA) LLC, Janney Montgomery Scott LLC, Keybanc Capital Markets Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-059 et al Barclays Capital Inc., Hilltop Securities, Inc., Jefferies LLC Statutory Disqualification, Approvals
March 23, 2016 2010024522103 APPEALED: Brett Ian Friedberg Disciplinary Decision
March 18, 2016 2012034719701 APPEALED: Paul E. Taboada

Related Documents

Disciplinary Decision
March 11, 2016 2013038418201 Order Denying Respondent’s Motion to Compel Member Firm to Produce Additional Documents. Disciplinary Order
March 10, 2016 2012031496501 Order Denying Respondents’ Motion for Partial Summary Disposition. Disciplinary Order
March 07, 2016 2008011762801r APPEALED: Mitchell H. Fillet Disciplinary Decision
March 04, 2016 2014040501801 Order Denying Respondents’ Motion for Summary Disposition Disciplinary Order
March 04, 2016 2013036836801 Order Denying Respondent’s Rule 9252 Request Disciplinary Order
March 03, 2016 2014040968501 Omnibus Order on Pre-Hearing Motions

Related Documents

Disciplinary Order
February 29, 2016 2014043020901 Order Denying Respondent’s Motion Pursuant to FINRA Rule 9252 and Granting Respondent Leave to Supplement Disciplinary Order
February 29, 2016 2012034936005 APPEALED: David Joseph Escarcega

Related Documents

Disciplinary Decision
February 26, 2016 2014041724601 Order Denying Respondents’ Motions 1) For Summary Disposition and 2) To Disqualify Enforcement Counsel Disciplinary Order
February 25, 2016 2014043020901 Order Denying Respondent’s Motion to Compel Production of Documents Disciplinary Order
February 22, 2016 2014040501801 Order Denying Motion for Permission to Present Expert Testimony Disciplinary Order
February 18, 2016 FPI150009 Gary James Lundgren Expedited Decision, Non-Summary Proceeding
February 16, 2016 20080148227-02 Order Denying Respondents’ Preclusion Motion Disciplinary Order
February 12, 2016 2013036678201 Tracy Chen Disciplinary Decision
February 03, 2016 2012033393401 Order Granting in Part and Denying in Part Respondent’s Motion in Limine to Exclude the Testimony of KA, BS, and MC. Disciplinary Order