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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
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-018 et al. BMO Capital Markets GKST Inc., BNY Mellon Capital Markets, LLC, Dougherty & Company LLC, George K. Baum & Company, Hutchinson, Shockey, Erley & Co. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-034 Stifel, Nicolaus & Company, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-021 et al. Davenport & Company LLC, Piper Jaffray & Co., Robert W. Baird & Co., Incorporated Stephens Inc., Sterne, Agee & Leach, Inc., William Blair & Company LLC 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
August 10, 2015 SD-MCDC-020 City Securities Corporation Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-015 Wells Nelson & Associates, LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-006 Bernardi Securities, Inc. Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-017 Martin Nelson & Co., Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-022 First National Capital Markets, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-019 BNY Mellon Capital Markets, LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-031 Citigroup Global Markets Inc. Statutory Disqualification, Approvals
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-026 Goldman, Sachs & Co. 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-025 Oppenheimer & Co. Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-028 Piper Jaffray & Co. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-029 Sterne, Agee & Leach, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-010 Central States Capital Markets, LLC Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-023 Smith Hayes Financial Services Corporation Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-005 The Baker Group, LP Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-001 Loop Capital Markets LLC Statutory Disqualification, Approvals