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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 30, 2021 FPI210005 Darryl Matthew Cohen Expedited Decision
December 16, 2021 2018059510201 APPEALED: Thomas John Lykos, Jr. Disciplinary Decision
December 16, 2021 2016051615301 Partho S. Ghosh Disciplinary Decision
December 15, 2021 2016052104101 APPEALED: Devin Lamarr Wicker Disciplinary Decision
December 14, 2021 2019061528001 Order Denying Respondents’ Motion For a More Definite Statement Disciplinary Order
December 01, 2021 SD-2277 Peter R. Serra with Joseph Gunnar & Co. LLC Statutory Disqualification, Approvals
November 10, 2021 2018057274302 Order Sustaining Department of Enforcement’s Objections to Enforcement Attorney Gary Chodosh Being Called as a Witness, and Granting Motion in Limine Disciplinary Order
October 29, 2021 2018057235801 Order Granting in Part Respondent’s Motion for Continuance Disciplinary Order
October 28, 2021 2019061232601 Order Regarding Alpine Securities’ Discovery Motion Related to Christopher Doubek Disciplinary Order
October 25, 2021 SD-2279 Todd Wyche with San Blas Securities, LLC Statutory Disqualification, Approvals
October 21, 2021 ARB210010 Derek Rudolf D’Alonzo Expedited Decision
October 21, 2021 SD-2259 Avery F. Byrd with San Blas Securities, LLC Statutory Disqualification, Approvals
October 12, 2021 2016048837401 Order Granting Enforcement’s Request to Correct the Hearing Transcript Disciplinary Order
October 07, 2021 SD-2242 Robert J. Greene, Jr. with Vanderbilt Securities Statutory Disqualification, Approvals
October 07, 2021 2016051493704 Jorge A. Reyes Disciplinary Decision
October 06, 2021 2018056848101 APPEALED: Thomas Lee Johnson Disciplinary Decision
October 06, 2021 2016049565901 APPEALED: Glendale Securities, Inc., George Alberto Castillo, Paul Eric Flesche, Albert Raymond Laubenstein and Jose Miguel Abadin Disciplinary Decision
September 30, 2021 2017054405401 APPEALED: William Joseph Kielczewski Disciplinary Decision
September 30, 2021 SD-2283 NPB Financial Group, LLC Statutory Disqualification, Approvals
September 27, 2021 2017053428201 APPEALED: DreamFunded Marketplace Disciplinary Decision
September 07, 2021 2017053462401 APPEALED: Robert Henderson Disciplinary Decision
August 31, 2021 ARB210001 Geoffrey Garratt Expedited Decision
August 24, 2021 FPI210005 Amended Order setting Hearing and Other Deadlines Expedited Order
August 17, 2021 ARB210003 Expedited Proceeding - Department of Enforcement v. Henrique David Lucena Expedited Decision
August 17, 2021 ARB210008 Leslie George Markus, Jr. Expedited Decision