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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
September 30, 2021 SD-2283 NPB Financial Group, LLC Statutory Disqualification, Approvals
September 30, 2021 2017054405401 APPEALED: William Joseph Kielczewski Disciplinary Decision
September 27, 2021 2017053428201 APPEALED: DreamFunded Marketplace Disciplinary Decision
September 22, 2021 2020065292102 Elizabeth A. Sollars Disciplinary Decision - Default
September 07, 2021 2019062347102 Adam G. Belardino Disciplinary Decision - Default
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 Henrique David Lucena Expedited Decision
August 17, 2021 ARB210008 Leslie George Markus, Jr. Expedited Decision
August 09, 2021 2018060379701 Frank V. Sapareto Disciplinary Decision - Default
July 29, 2021 ARB210008 Order Denying Respondent’s Post-Hearing Motion for Admission of Additional Exhibits Expedited Order
July 26, 2021 2020068395801 Hugues Guirand Disciplinary Decision - Default
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 08, 2021 2019061187102 Ji Jun Yang Disciplinary Decision - Default
July 07, 2021 2021070337401 Kishan Parikh Disciplinary Decision - Default
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