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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

Choose Year
Date of Decision Proceeding No. Title Type
July 10, 2019 2015045312501 Order Regarding Discovery Disciplinary Order
July 08, 2019 2017054405401 Order Denying Respondent William Kielczewshi’s Request for the Issuance of a Request for Documents Disciplinary Order
July 01, 2019 2015045312501 Order Establishing Procedures Regarding Treatment of SAR Information Disciplinary Order
June 25, 2019 2016051493704 Omnibus Order on Pre-Hearing Motions Disciplinary Order
June 21, 2019 SD-2244 David B. Girton with Sturdivant & Co., Inc. Statutory Disqualification, Approvals
June 19, 2019 2016050957901 Order Granting Respondents’ Rules 9252 and 9253 Motions Disciplinary Order
June 14, 2019 2015047005801 APPEALED: Brian Colin Doherty Disciplinary Decision
June 14, 2019 2016048393501 Order Denying in Part and Granting in Part Respondents’ Motion to Compel Production of Metadata Disciplinary Order
June 05, 2019 2017053428201 APPEALED: DreamFunded Marketplace, LLC and Manuel Fernandez Disciplinary Decision
June 04, 2019 2016050137503 Order Denying Respondents’ Motion for More Definite Statement Disciplinary Order
June 04, 2019 SD-2235 Central States Capital Markets, LLC Statutory Disqualification, Approvals
May 23, 2019 2014039285401 APPEALED: Southeast Investments, N.C., Inc. & Frank Harmon Black Disciplinary Decision
May 22, 2019 2012030738501 APPEALED: J.W. Korth and Company Disciplinary Decision
May 22, 2019 SD-2222 Arthur F. Grant with Cadaret, Grant & Co., Inc. Statutory Disqualification, Approvals
May 16, 2019 SD-2214 Coker & Palmer, Inc. Statutory Disqualification, Approvals
May 15, 2019 2016052347901 Austin Wayne Morton Disciplinary Decision
May 15, 2019 2015048362402 John Anthony Vedovino Disciplinary Decision
May 14, 2019 2017053382401 Order on Enforcement’s Objections to Respondents’ Proposed Witness List and Exhibits and Motion in Limine Disciplinary Order
May 08, 2019 2016050938301 APPEALED: Michael J. Clarke Disciplinary Decision
May 07, 2019 2016051493704 Order on Respondent’s Motion Pursuant to Rule 9253 Disciplinary Order
May 03, 2019 FPI190001, FPI190002 Order Denying Respondents’ Motion to Conduct Hearing in Person, Regulatory Operations v. Alpine and Scotsdale Expedited Order
May 02, 2019 SD-2140 Stifel, Nicolaus & Co., Inc. Statutory Disqualification, Approvals
May 02, 2019 2015045312501 Order Granting Parties’ Motions for Leave to Permit Expert Testimony Disciplinary Order
April 23, 2019 2015045312501 Order Directing Parties to Meet and Confer Disciplinary Order
April 15, 2019 SD-2199 J.H. Darbie & Co., Inc. Statutory Disqualification, Approvals