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|
|July 29, 2021||ARB210008||Order Denying Respondent’s Post-Hearing Motion for Admission of Additional Exhibits||Expedited Order|
|July 23, 2021||2018056436001||Integrity Brokerage Services, Inc. and Joshua Helmle||Disciplinary Decision|
|July 23, 2021||ARB210004||Gary J. Helbling||Expedited Decision|
|July 22, 2021||2019064313901||Paramveer Singh||Disciplinary Decision|
|July 09, 2021||SD-2249||Industrial and Commercial Bank of China Financial Services LLC||Statutory Disqualification, Approvals|
|July 01, 2021||2016048837401||Order Granting Enforcement’s Motion Regarding Sequestration of Witnesses||Disciplinary Order|
|June 29, 2021||2019063570502||APPEALED: Matthew R. Logan||Disciplinary Decision|
|June 03, 2021||2018058924502||APPEALED: Adam James Makkai||Disciplinary Decision|
|June 02, 2021||2013035345701||APPEALED: Titan Securities, Brad C. Brooks, and Richard Wayne Demetriou||Disciplinary Decision|
|June 02, 2021||M00010007||APPEALED: In the Matter of the New Member Application of Applicant Firm||Membership Decision, Redacted Decision|
|June 02, 2021||SD-2185||David A. Elgart||Statutory Disqualification, Approvals|
|June 01, 2021||SD-2267||BGC Financial, L.P.||Statutory Disqualification, Approvals|
|May 27, 2021||2017052701101||James W. Flower||Disciplinary Decision|
|May 27, 2021||2017052871401||William James Potter||Disciplinary Decision|
|May 26, 2021||2018058286901||APPEALED: Wilfredo Felix||Disciplinary Decision|
|May 20, 2021||2016048837401||Amended Order Regarding Review and Redaction of Exhibits||Disciplinary Order|
|May 19, 2021||2019064313901||Order Sustaining Respondent Paramveer Singh’s Objection to the Admission of CX-30 into Evidence||Disciplinary Order|
|May 19, 2021||2017052867301||APPEALED: Mercer Hicks III||Disciplinary Decision|
|May 18, 2021||2018058588501||APPEALED: Christopher Peter Tranchina||Disciplinary Decision|
|April 30, 2021||SD-2257||GFI Securities LLC||Statutory Disqualification, Approvals|
|April 30, 2021||SD-2254||BGC Financial, L.P.||Statutory Disqualification, Approvals|
|April 26, 2021||SD-2291||Richard Reis with CINCaP Investment Group, Inc.||Statutory Disqualification, Approvals|
|April 20, 2021||SD-2218||Charles Schwab & Co., Inc.||Statutory Disqualification, Approvals|
|March 17, 2021||SD-2119||Barclays Capital, Inc.||Statutory Disqualification, Approvals|
|March 15, 2021||2016048837401||Order Converting Hearing to Video Conference if Necessary||Disciplinary Order|