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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

Choose Year
Date of Decision Proceeding No. Title Type
June 05, 2015 20140407790-01 Richard Francis Kenny, Jr. Disciplinary Decision
June 04, 2015 2011025444501 Order Denying Respondent's Motion to Strike Portions of Enforcement's Post-Hearing Appendix

Related Documents

Disciplinary Order
May 21, 2015 2012032519101 APPEALED: Robert Earl Holaday

Related Documents

Disciplinary Decision
May 18, 2015 20110279263-01 APPEALED: Matthew Joseph Sheerin Disciplinary Decision
May 06, 2015 2009016317701 The Dratel Group, Inc. and William M. Dratel Disciplinary Decision
May 04, 2015 2009016159110 Anthony Spagnolo, III Disciplinary Decision
May 04, 2015 2009016159111 Brian Sanders Disciplinary Decision
May 04, 2015 M00010006 APPEALED: In the Matter of the New Membership Application Firm X Membership Decision, Redacted Decision
April 30, 2015 SD-1960 Scott Mathis with DPEC, Inc. Statutory Disqualification, Approvals
April 29, 2015 2009017195204 Merrimac Corporate Securities, Inc. Disciplinary Decision
April 28, 2015 2012033351801 ; CALLED FOR REVIEW: Paolo Franca Iida

Related Documents

Disciplinary Decision
April 22, 2015 SD-1962 Candace J. Lee with Financial Services International Corp Statutory Disqualification, Approvals
April 16, 2015 2007011413501 APPEALED: Brookstone Securities, Inc., Antony Lee Turbeville, Christopher Dean Kline and David William Locy Disciplinary Decision
April 16, 2015 SD-2054 Patrick Lubin with Dinosaur Securities Statutory Disqualification, Approvals
April 16, 2015 SD-2054 Patrick C. Lubin with Dinosaur Securities Statutory Disqualification, Approvals
April 08, 2015 2010024522103 Order Denying Motion Pursuant to FINRA Rule 9234 Disciplinary Order
April 08, 2015 2011025622001 Order Denying Respondent's Motion for Leave to Permit Expert Testimony Disciplinary Order
April 02, 2015 2012034045101 Charles H. Melvin, Jr. Disciplinary Decision
April 02, 2015 2013036217601 Order Granting In Part and Denying In Part Enforcement’s Motion for Partial Summary Disposition Disciplinary Order
March 31, 2015 2011027666902 APPEALED: Merrimac Corporate Securities, Inc. and Robert Nash

Related Documents

Disciplinary Decision
March 30, 2015 2011025675501 APPEALED: Kimberly Springsteen-Abbott

Related Documents

Disciplinary Decision
March 30, 2015 2011025785602 Anthony Warren Thompson and TNP Securities, LLC Disciplinary Decision
March 25, 2015 SD-2025 ConvergEx Execution Solutions, LLC Statutory Disqualification, Approvals
March 25, 2015 SD-2025 ConvergEx Execution Solutions, LLC Statutory Disqualification, Approvals
March 19, 2015 20100215720-01 Order Denying Respondent’s Motion for Permission to Seek Additional Party Discovery Disciplinary Order