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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 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.

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
December 03, 2015 ARB150048 Order Granting Complaint’s Motion for an Order Pursuant to Rule 9559(m) and Deeming September 15, 2015 Notice of Suspension Final FINRA Action Expedited Order
December 01, 2015 2010025087302 APPEALED: Thaddeus J. North Disciplinary Decision
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-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-049 et al. Comerica Securities, Inc., Crews & Associates, Inc., Northland Securities, Inc., PNC Capital Markets LLC 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 201203564701 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
October 02, 2015 2011025679201 MSC – BD, LLC and Paul J. McIntyre Disciplinary Decision
October 02, 2015 2013036799501 APPEALED: Michael Casas

Related Documents

Disciplinary Decision
October 01, 2015 2013035095301 Candace Jean Lee Disciplinary Decision
October 01, 2015 2013035344201 Protective Order Governing Personal Confidential Information Disciplinary Order
September 29, 2015 SD-2029 Bret M. Shapiro with Dawson James Securities, Inc. Statutory Disqualification, Denials
September 25, 2015 2012032950101 APPEALED: Joseph R. Butler Disciplinary Decision
September 25, 2015 2012034211301 APPEALED: Fuad Ahmed Disciplinary Decision
September 21, 2015 20080148227-02 Order Granting Respondents’ Preclusion Motion Disciplinary Order
September 15, 2015 2012033508702 APPEALED: Wall Street Securities, Inc., Gary Savage, Sr., and Louis Karl Kittlaus Disciplinary Decision
August 27, 2015 2012034934301 Wedbush Securities Inc. Disciplinary Decision
August 13, 2015 2011025622001 SWS Financial Service, Inc. Disciplinary Decision
August 10, 2015 SD-MCDC-014 et al. B.C. Ziegler and Company, Benchmark Securities, LLC, Bernardi Securities, Inc., BOSC, Inc., Central States Capital Markets, LLC, City Securities Corporation, The Baker Group, LP 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