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.
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|
|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|
|May 01, 2020||2018059510201||APPEALED: Thomas Lykos||Disciplinary Decision|
|April 16, 2020||ARB190040||Stephen Paul Seglund||Expedited Decision|
|March 27, 2020||2015047303901||Linda C. Milberger||Disciplinary Decision|
|March 27, 2020||2011027666902r||Merrimac Corporate Securities, Inc. and Robert G. Nash||Disciplinary Decision|
|March 27, 2020||2009017440201r||APPEALED: Louis Ottimo||Disciplinary Decision|
|March 26, 2020||2015045257501||Order On Motion For Summary Disposition Of Affirmative Defenses||Disciplinary Order|
|March 16, 2020||2014043863001||Peter Orlando||Disciplinary Decision|
|March 06, 2020||2015047244701||Order Denying Respondent Shea’s Motion To Sever||Disciplinary Order|
|February 28, 2020||SD-2202||Kevin McKenna with Aegis Capital Corp.||Statutory Disqualification, Approvals|
|February 11, 2020||SD-2237||Alan P. Siegel with G.A. Repple & Co.||Statutory Disqualification, Approvals|
|February 11, 2020||SD-2236||G.A. Repple & Company||Statutory Disqualification, Approvals|
|February 05, 2020||2018059545201||APPEALED: Robert Juan Escobio||Disciplinary Decision|
|January 31, 2020||2018059510201||Order Governing Post-Hearing Briefing||Disciplinary Order|
|January 21, 2020||2017054405401||Order Regarding Filing Transcript Of Voice Message||Disciplinary Order|
|January 21, 2020||2017054405401||Order Governing Withdrawal Of Certain Admitted Exhibits That Were Admitted||Disciplinary Order|
|January 14, 2020||SD-2190||Deutsche Bank Securities, Inc.||Statutory Disqualification, Approvals|
|December 20, 2019||2016048921102||Order Granting Motion to Withhold From Production Documents Outside the Scope of This Proceeding||Disciplinary Order|
|December 19, 2019||2017055608101||APPEALED: Kapil Maheshwari||Disciplinary Decision|
|December 19, 2019||SD-2246||Banca IMI Securities Corp.||Statutory Disqualification, Approvals|
|December 19, 2019||2012032731802||APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley||Disciplinary Decision|
|December 17, 2019||SD-2121||Interactive Brokers LLC||Statutory Disqualification, Approvals|
|December 17, 2019||2016051493704||APPEALED: Jorge A. Reyes||Disciplinary Decision|
|December 16, 2019||2015045456401||David O. Braeger||Disciplinary Decision|