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.
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|
|March 04, 2019||2016050883001||Hayes, O. Governing PCI||Disciplinary Order|
|March 04, 2019||2015047005801||Order Granting Motion for Leave to Offer Telephone or VideoConference Testimony||Disciplinary Order|
|March 01, 2019||2016051493704||Order Granting in Part Enforcement’s Motion for Rule-Compliant Answer||Disciplinary Order|
|February 28, 2019||2016048393501||Notice of Receipt of Answer and Order Setting Initial Pre-Hearing Conference and Requiring Certificate of Compliance with FINRA Rule 9910||Disciplinary Order|
|February 15, 2019||2015045312501||Supplemental Order Regarding Denial of Motion for Stay of Proceedings||Disciplinary Order|
|February 07, 2019||ARB180031||Robert Jay Pincus||Expedited Decision|
|January 30, 2019||2015047005801||Order Denying Enforcement’s Motion for Summary Disposition and Granting in Part and Denying in Part Motion to Strike Affirmative Defense||Disciplinary Order|
|January 29, 2019||2015044823501, 2015044823502||Craig Scott Taddonio, Brent Morgan Porges, Edward Beyn||Disciplinary Decision|
|January 29, 2019||2014042606902||APPEALED: Silver Leaf Partners, LLC||Disciplinary Decision|
|January 29, 2019||2014043863001||APPEALED: Peter Orlando||Disciplinary Decision|
|January 25, 2019||ARB180037||Order Denying Motion to Dismiss;||Expedited Order|
|January 16, 2019||2013035130101||APPEALED: Cantone Research, Inc., Anthony Cantone, and Christine Cantone||Disciplinary Decision|
|January 09, 2019||2016050938301||Order Granting Department of Enforcement’s Unopposed Motion Regarding Sequestration||Disciplinary Order|
|January 09, 2019||2016050938301||Order Granting Department of Enforcement’s Motion For Leave to Amend its Exhibit List||Disciplinary Order|
|January 08, 2019||2015046759201||Todd B. Wyche||Disciplinary Decision|
|January 08, 2019||2013037522501||APPEALED: Trevor Michael Saliba, Sperry Randall Younger, Richard Daniel Tabizon, and Arthur Mansourian||Disciplinary Decision|
|January 02, 2019||2015043646501||APPEALED: CSSC Brokerage Services, Inc.||Disciplinary Decision|
|December 20, 2018||SD-2157||Allan Wolfe||Statutory Disqualification, Approvals|
|November 29, 2018||SD-2095||Ronald B. Smith||Statutory Disqualification, Approvals|
|November 29, 2018||2014041860801||APPEALED: Sandlapper Securities, LLC, Trevor Gordon and Jack Bixler||Disciplinary Decision|
|November 23, 2018||2017052871401||Order Denying Respondent’s Motion for Discovery and Motion Pursuant to Rule 9253||Disciplinary Order|
|November 21, 2018||SD-2203||Gates Capital Corporation||Statutory Disqualification, Approvals|
|November 14, 2018||2014041862701||APPEALED: Spencer Edwards, Inc.||Disciplinary Decision|
|November 13, 2018||2016050205901||APPEALED: Charles A. Laverty||Disciplinary Decision|
|November 12, 2018||2015047303901||APPEALED: Kyle P. Harrington and Linda C. Milberger||Disciplinary Decision|