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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
November 30, 2015 SD-MCDC-044 Estrada Hinojosa & Company, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-049 et al. Comerica Securities, Inc., Crews & Associates, Inc., Northland Securities, Inc., PNC Capital Markets LLC Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-050 Edward D. Jones & Co., L.P. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-036 J.J.B. Hilliard, W.L. Lyons, LLC Approvals, Statutory Disqualification
November 30, 2015 SD-MCDC-042 NW Capital Markets, Inc. Approvals, Statutory Disqualification
November 30, 2015 SD-MCDC-049 Comerica Securities, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-048 The Frazer Lanier Company, Incorporated Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-035 PNC Capital Markets LLC Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-039 Duncan-Williams, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-046 et al. Ameritas Investment Corp., Duncan-Williams, Inc., Estrada Hinojosa & Company, Inc., Fifth Third Securities, Inc., The Frazer Lanier Company, Inc., Joe Jolly & Co., Inc., NW Capital Markets, Inc., Prager & Co., LLC, Ross, Sinclaire & Associates, LLC Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-043 BB&T Securities, LLC Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-040 Ross, Sinclaire & Associates Approvals, Statutory Disqualification
November 30, 2015 SD-MCDC-052 Prager & Co., LLC Statutory Disqualification
November 30, 2015 SD-MCDC-047 Crews & Associates, Inc.
Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-041 Fifth Third Securities, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-036 et al. J.J.B Hilliard, W.L. Lyons, LLC, Mesirow Financial, Inc., BB&T Securities, LLC, Edward D. Jones & Co., L.P., UBS Financial Services Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-051 UBS Financial Services Inc. Approvals, Statutory Disqualification
November 30, 2015 SD-MCDC-037 Mesirow Financial, Inc. Statutory Disqualification, Approvals
November 18, 2015 2014040651301 Yaron Reuven Disciplinary Decision
November 06, 2015 2014041319201 APPEALED: Miguel Ortiz

Related Documents

Disciplinary Decision
October 29, 2015 2011025444501 APPEALED: Wood (Arthur W.) Company

Related Documents

Disciplinary Decision
October 23, 2015 2013038136101 Andrew Lyman Quinn, Disciplinary Decision
October 22, 2015 20100215720-01 eBX, LLC Disciplinary Decision
October 22, 2015 2012030564701 Order Granting, in Part, Enforcement's Motion for Leave to Offer Telephone Testimony Disciplinary Order
October 05, 2015 2009017899801 APPEALED: Rani T. Jarkas Disciplinary Decision