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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
July 01, 2020 2018058286901 APPEALED: Wilfredo Felix and Primex Prime Electronic Execution, Inc. d/b/a Primex Disciplinary Decision
June 29, 2020 2014042606902 Silver Leaf Partners, LLC Disciplinary Decision
June 23, 2020 2014041860801 Sandlapper Securities, LLC, Trevor Lee Gordon, and Jack Charles Bixler Disciplinary Decision
June 15, 2020 2014041868001 Dennis A. Mehringer, Jr. Disciplinary Decision
June 15, 2020 2015047005801 Brian Colin Doherty Disciplinary Decision
June 05, 2020 2016052104101 Devin Lamarr Wicker Disciplinary Decision
May 27, 2020 2017053843901 Michael Patrick Murphy Disciplinary Decision
May 21, 2020 2016048393501 Shopoff Securities, Inc., William A Shopoff, and Stephen R. Shopoff Disciplinary Decision
May 15, 2020 2017054405401 APPEALED: William Joseph Kielczewski Disciplinary Decision
May 01, 2020 2018059510201 APPEALED: Thomas Lykos Disciplinary Decision
April 16, 2020 ARB190040 Stephen Paul Seglund Expedited Decision
March 27, 2020 2009017440201r APPEALED: Louis Ottimo Disciplinary Decision
March 27, 2020 2015047303901 Linda C. Milberger Disciplinary Decision
March 27, 2020 2011027666902r Merrimac Corporate Securities, Inc. and Robert G. Nash Disciplinary Decision
March 16, 2020 2014043863001 Peter Orlando Disciplinary Decision
February 11, 2020 SD-2237 Alan P. Siegel with G.A. Repple & Co. Statutory Disqualification, Approvals
February 05, 2020 2018059545201 APPEALED: Robert Juan Escobio Disciplinary Decision
December 19, 2019 2017055608101 APPEALED: Kapil Maheshwari Disciplinary Decision
December 19, 2019 SD-2246 Banca IMI Securities Corp. Statutory Disqualification, Approvals
December 19, 2019 2012032731802 APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley Disciplinary Decision
December 17, 2019 2016051493704 APPEALED: Jorge A. Reyes Disciplinary Decision
December 17, 2019 SD-2121 Interactive Brokers LLC Statutory Disqualification, Approvals
December 16, 2019 2015045456401 David O. Braeger Disciplinary Decision
December 11, 2019 SD-2186 Joseph Campo with Moelis & Company, LLC Statutory Disqualification, Approvals
December 11, 2019 2015046631101 Robert R. Tweed Disciplinary Decision