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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
June 14, 2024 SD-2359 Laidlaw & Company (UK) Ltd. Statutory Disqualification, Approvals
June 07, 2024 SD-2364 SMBC Nikko Securities America, Inc. Statutory Disqualification, Approvals
June 06, 2024 2021072167901 Order Granting Enforcement’s Motion for Interim Conditions and Restrictions Disciplinary Order
May 30, 2024 SD-2363 Wedbush Securities Inc. Statutory Disqualification, Approvals
May 29, 2024 SD-2374 Perella Weinberg Partners LP Statutory Disqualification, Approvals
May 29, 2024 SD-2381 Tudor, Pickering, Holt & Co. Securities, LLC Statutory Disqualification, Approvals
May 29, 2024 SD-2378 Nuveen Securities, LLC Statutory Disqualification, Approvals
May 23, 2024 2021071137001 Order Granting Enforcement’s Motion for Interim Conditions and Restrictions Disciplinary Order
May 21, 2024 2019064508802 Order Granting and Denying, in part, Respondent’s Motion to Modify Case Management and Scheduling Order and for Reconsideration of Hearing Procedures Disciplinary Order
May 21, 2024 2019064508802 Order Denying Respondent’s Motion to Designate Witnesses as Adverse Disciplinary Order
May 21, 2024 2019064508802 Order Granting, in part, and Denying, in part, Respondent’s Motion for Videoconference or Telephone Testimony Disciplinary Order
May 21, 2024 2019064508802 Order Granting Motion for Sequestration Disciplinary Order
May 20, 2024 2021070337501 Order Granting Enforcement’s Rule 9285 Motion for Interim Conditions and Restrictions Disciplinary Order
May 17, 2024 2019064508802 Order Denying Respondent’s Motion for Judicial Notice Disciplinary Order
May 17, 2024 2019064508802 Order Denying Enforcement’s Motion to Use Leading Questions Disciplinary Order
May 15, 2024 SD-2365 Moelis & Company LLC Statutory Disqualification, Approvals
May 15, 2024 2022073772701 Order Denying Respondent’s Motion Pursuant to Rule 9251 Disciplinary Order
May 14, 2024 SD-2361 HSBC Securities (USA) Inc. Statutory Disqualification, Approvals
April 30, 2024 2020066257302 Order Granting Enforcement’s Objection to Respondent’s Proposed Witnesses Disciplinary Order
April 12, 2024 SD-2367 SG Americas Securities, LLC Statutory Disqualification, Approvals
April 12, 2024 SD-2360 Scotia Capital (USA) Inc. Statutory Disqualification, Approvals
April 08, 2024 SD-2351 Cetera Advisor Networks LLC Statutory Disqualification, Approvals
April 08, 2024 2019064813801 APPEALED: NYPPEX, LLC, Laurence Allen, and Michael Schunk Disciplinary Decision
April 08, 2024 SD-2352 Cetera Advisors LLC Statutory Disqualification, Approvals
March 28, 2024 2021070734301 Beliveau Bays Disciplinary Decision - Default