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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
August 10, 2015 SD-MCDC-026 et al. Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Oppenheimer & Co. Inc., RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-020 City Securities Corporation Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-001 Loop Capital Markets LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-031 et al. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Raymond James & Associates, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-006 Bernardi Securities, Inc. Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-018 BMO Capital Markets GKST Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-002 George K. Baum & Company Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-033 Merrill Lynch, Pierce, Fenner & Smith Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-032 J.P. Morgan Securities LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-030 Morgan Stanley & Co. LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-004 Robert W. Baird & Co. Incorporated Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-012 Wiliam Blair & Company LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-014 et al. B.C. Ziegler and Company, Benchmark Securities, LLC, Bernardi Securities, Inc., BOSC, Inc., Central States Capital Markets, LLC, City Securities Corporation, The Baker Group, LP Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-013 Siebert, Brandford, Shank & Co., LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-022 et al. First National Capital Markets, Inc., L.J. Hart and Company, Inc., Loop Capital Markets LLC, Martin Nelson & Co., Inc., Siebert, Brandford, Shank & Co., LLC, Smith Hayes Financial Services Corporation, Wells Nelson & Associates, LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-010 Central States Capital Markets, LLC Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-027 L.J. Hart and Company, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-005 The Baker Group, LP Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-011 Dougherty & Company LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-024 Hutchinson, Shockey, Erley & Co. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-003 Raymond James & Associates, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-034 Stifel, Nicolaus & Company, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-008 RBC Capital Markets, LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-021 Davenport & Company LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-007 Stephens Inc. Statutory Disqualification, Approvals