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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
December 14, 2023 SD-2340 Cantor Fitzgerald & Co. Statutory Disqualification, Approvals
December 12, 2023 SD-2341 UBS Financial Services, Inc. Statutory Disqualification, Approvals
December 12, 2023 SD-2347 Nomura Securities International, Inc. Statutory Disqualification, Approvals
December 12, 2023 SD-2337 Deutsche Bank Securities Inc. Statutory Disqualification, Approvals
December 12, 2023 SD-2342 UBS Securities LLC Statutory Disqualification, Approvals
December 12, 2023 SD-2343 Barclays Capital Inc. Statutory Disqualification, Approvals
December 12, 2023 SD-2336 DWS Distributors, Inc. Statutory Disqualification, Approvals
December 05, 2023 SD-2330 Joao M. Valente Statutory Disqualification, Approvals
December 01, 2023 DFC230002 Arque Capital, Ltd. Expedited Decision
October 31, 2023 2018057297102 Order Regarding Hearing Venue Disciplinary Order
October 25, 2023 SD-2325 BTIG, LLC Statutory Disqualification, Approvals
October 11, 2023 2018057297102 Order Denying Respondent’s Motion for Withheld Documents List Disciplinary Order
October 05, 2023 FPI230003 Securities Capital Corporation Expedited Decision
October 04, 2023 ARB230012 John Knox Goodwin Expedited Decision
September 28, 2023 2018057235801 APPEALED: Megurditch Patatian Disciplinary Decision
September 26, 2023 2020065396501 APPEALED: Peter J. Fetherston Disciplinary Decision
September 22, 2023 SD-2355 Cambria Capital, LLC Statutory Disqualification, Approvals
September 21, 2023 M00010008 In the Matter of the Continuing Membership Application of Firm A Membership Decision, Redacted Decision
September 20, 2023 2019063152202 Order Denying Motion for Stay Disciplinary Order
September 15, 2023 SD-2315 Halifax America LLC Statutory Disqualification, Approvals
September 14, 2023 2020066627202 Order Governing FINRA Rule 9285 Motion Disciplinary Order
July 25, 2023 SD-2253 Domenick Migliorato with Velocity Capital LLC Statutory Disqualification, Approvals
July 24, 2023 2022074278301 BrokerBank Securities, et al. Disciplinary Decision - Default
July 21, 2023 2021071137001 Order Governing the Use of Leading Questions to Former Employees of Respondent Lek Securities Corp. Disciplinary Order
July 19, 2023 2021071137001 Order Granting in Part and Denying in Part Respondents’ Motion to Preclude FINRA from Using Testimony Procured Through Rule 8210 and for Sanctions Pursuant to Rule 9280 Disciplinary Order