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|
|March 15, 2021||2016048837401||Order Granting Respondent’s Motion to Continue Hearing||Disciplinary Order|
|March 10, 2021||2018059545201||APPEALED: Robert Juan Escobio||Disciplinary Decision|
|March 01, 2021||2019064313901||Order Denying Without Prejudice Respondent’s Motion for a Stay Pursuant to FINRA Rule 9222||Disciplinary Order|
|February 18, 2021||2015045257501||APPEALED: Ricky Alan Mantei||Disciplinary Decision|
|February 11, 2021||SD-2273||Craig Burdulis with Boenning & Scattergood, Inc.||Statutory Disqualification, Approvals|
|February 09, 2021||SD-2221||Cadaret, Grant & Co.||Statutory Disqualification, Approvals|
|February 09, 2021||SD-2243||Wells Fargo Securities, LLC||Statutory Disqualification, Approvals|
|February 03, 2021||2019064416201||Travis Scott Hughes||Disciplinary Decision|
|February 02, 2021||2017053462401||Order Continuing In-Person Hearing||Disciplinary Order|
|February 02, 2021||SD-2262||David L. Ciano with The Strategic Financial Alliance, Inc.||Statutory Disqualification, Approvals|
|January 29, 2021||2017052701101||Order Requiring Replacement of Certain Hearing Exhibits with More Legible Copies||Disciplinary Order|
|January 19, 2021||2018058588501||Order Regarding Enforcement’s Motion in Limine and Pre-Hearing Objections||Disciplinary Order|
|January 13, 2021||ARB200025||Giovanni Antonio Malatesta||Expedited Decision|
|January 07, 2021||2018058588501||Order Denying Respondent’s Motion to Postpone Hearing Dates||Disciplinary Order|
|December 22, 2020||2016050205901||Charles A. Laverty||Disciplinary Decision|
|December 17, 2020||2015044782401||APPEALED: Robbi J. Jones and Kipling Jones & Company, Ltd.||Disciplinary Decision|
|December 17, 2020||2017055608101||Kapil Maheshwari||Disciplinary Decision|
|December 07, 2020||2017052701101||Order Granting Enforcement’s Motion for Leave to Issue Post-Complaint Rule 8210 Request||Disciplinary Order|
|December 07, 2020||2017052701101||Order Converting Hearing and Final Pre-Hearing Conference to VideoConference and Amending Pre-Hearing Schedule||Disciplinary Order|
|November 24, 2020||SD-2210||Barry Todd Eisenberg with Alexander Capital, L.P.||Statutory Disqualification, Approvals|
|November 18, 2020||2018056436001||Order Memorializing Rulings at Pre-Hearing Conference||Disciplinary Order|
|November 13, 2020||2018058924502||Order Granting Motion for Postponement||Disciplinary Order|
|October 30, 2020||2015047244701||Order on Behalf of Hearing Panel Accepting Offer of Settlement and Proposed Order of Acceptance Pursuant to FINRA Rule 9270(e)||Disciplinary Order|
|October 28, 2020||SD-2226||Zachary S. Brodt||Statutory Disqualification, Approvals|
|October 19, 2020||2015047244701||Order Requiring Enforcement to Transmit to Hearing Panel Any Offer of Settlement and Proposed Order of Acceptance Pursuant to FINRA Rule 9270(e)||Disciplinary Order|