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 |
|---|---|---|---|
| August 25, 2020 | 2016049414401 | Order Directing Respondent To File Answer Compliant With FINRA Rule 9215 | Disciplinary Order |
| August 19, 2020 | 2018058924502 | Order Denying Respondent's Cross-Motion to Strike | Disciplinary Order |
| August 17, 2020 | FPI200001 | Roderick Kenneth Day | Expedited Decision |
| August 17, 2020 | 2018057755201 | Order Granting Respondent’s Rule 9252 Motion | Disciplinary Order |
| August 14, 2020 | 2018058924502 | Order Granting in Part and Denying in Part Enforcement’s Motion to Strike Affirmative Defenses and Request for Relief | Disciplinary Order |
| August 12, 2020 | 2019063790901 | Order Denying Respondent’s Motion for Return of His Computer, Motion in Limine to Preclude/Place Conditions on Testimony of Customer, and Discovery Motion | Disciplinary Order |
| August 05, 2020 | 2017055164001 | Order Denying Respondent’s Motions In Limine | Disciplinary Order |
| July 31, 2020 | 2018058924502 | Order Denying Motion for Summary Disposition | Disciplinary Order |
| July 24, 2020 | 2019062092401 | Steven Harris | Disciplinary Decision - Default |
| July 15, 2020 | ARB200024 | Order Granting Department of Enforcement’s Motion To Strike Respondent’s Defense And Request for Hearing | Expedited Order |
| July 02, 2020 | 2016048837401 | Order Granting In Part And Denying In Part Respondent’s Motion In Limine Regarding Expert Testimony | Disciplinary Order |
| July 01, 2020 | 2018058286901 | APPEALED: Wilfredo Felix and Primex Prime Electronic Execution, Inc. d/b/a Primex | Disciplinary Decision |
| June 30, 2020 | ARB200006 | Daniel Paul Motherway | Expedited Decision |
| June 29, 2020 | 2014042606902 | APPEALED: Silver Leaf Partners, LLC | Disciplinary Decision |
| June 23, 2020 | 2014041860801 | Sandlapper Securities, LLC, Trevor Lee Gordon, and Jack Charles Bixler | Disciplinary Decision |
| June 18, 2020 | 2014041541401 | Order Requiring Certification of Compliance With FINRA Rule 9910 | Disciplinary Order |
| June 15, 2020 | 2015047005801 | Brian Colin Doherty | Disciplinary Decision |
| June 15, 2020 | 2014041868001 | Dennis A. Mehringer, Jr. | Disciplinary Decision |
| June 05, 2020 | 2016052104101 | APPEALED: Devin Lamarr Wicker | Disciplinary Decision |
| June 01, 2020 | 2017055164001 | Order Denying Respondent’s Motion For Production Of Witness Statements Under Rule 9253 | Disciplinary Order |
| May 28, 2020 | 2019064884501 | Gustavo T. Franco | Disciplinary Decision - Default |
| May 27, 2020 | 2017053843901 | Michael Patrick Murphy | Disciplinary Decision |
| May 27, 2020 | 2017053462401 | Order Denying Respondent’s Motion To Amend Answer | Disciplinary Order |
| 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 |