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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
June 05, 2019 2017053428201 APPEALED: DreamFunded Marketplace, LLC and Manuel Fernandez Disciplinary Decision
June 04, 2019 2016050137503 Order Denying Respondents’ Motion for More Definite Statement Disciplinary Order
May 23, 2019 2014039285401 APPEALED: Southeast Investments, N.C., Inc. & Frank Harmon Black Disciplinary Decision
May 22, 2019 2012030738501 APPEALED: J.W. Korth and Company Disciplinary Decision
May 15, 2019 2015048362402 John Anthony Vedovino Disciplinary Decision
May 15, 2019 2016052347901 Austin Wayne Morton Disciplinary Decision
May 14, 2019 2017053382401 Order on Enforcement’s Objections to Respondents’ Proposed Witness List and Exhibits and Motion in Limine Disciplinary Order
May 08, 2019 2016050938301 APPEALED: Michael J. Clarke Disciplinary Decision
May 07, 2019 2016051493704 Order on Respondent’s Motion Pursuant to Rule 9253 Disciplinary Order
May 03, 2019 FPI190001, FPI190002 Order Denying Respondents’ Motion to Conduct Hearing in Person, Regulatory Operations v. Alpine and Scotsdale Expedited Order
May 02, 2019 2015045312501 Order Granting Parties’ Motions for Leave to Permit Expert Testimony Disciplinary Order
May 02, 2019 SD-2140 Stifel, Nicolaus & Co., Inc. Statutory Disqualification
April 23, 2019 2015045312501 Order Directing Parties to Meet and Confer Disciplinary Order
April 11, 2019 2016050025401 Frederick David Holloway Disciplinary Decision
April 05, 2019 2016049565901 APPEALED: Glendale Securities, Inc., George Alberto Castillo, Paul Eric Flesche, Albert Raymond Laubenstein, Jose Miguel Abadin, and Huanwei Huang Disciplinary Decision
April 05, 2019 2016050137503 Order Regarding Respondents’ Motion For Extension Of Time To Answer Disciplinary Order
April 01, 2019 2016048393501 Order Granting Motion for Leave to File First Amended Complaint and Index to the First Amended Complaint Disciplinary Order
March 28, 2019 2016052503101 Order Denying Respondent’s Motion for Summary Disposition Disciplinary Order
March 18, 2019 2016047565702 Dakota Securities & Bruce Zipper Disciplinary Decision
March 15, 2019 SD-2195 Scott Coy Statutory Disqualification, Denials
March 13, 2019 2016052503101 Order Granting in Part and Denying in Part Respondent’s Rule 9252 Request Disciplinary Order
March 13, 2019 2017052760001 Order Regarding Pre-Hearing Submissions Disciplinary Order
March 11, 2019 2010022977801r David B. Tysk Disciplinary Decision
March 07, 2019 SD-2148 Guy Wyser-Pratte Statutory Disqualification, Denials
March 05, 2019 2013035345701 APPEALED: Titan Securities, Brad Brooks and Richard Demetriou Disciplinary Decision