Skip to main content

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 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