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
| Date of Decision | Proceeding No. | Title | Type |
|---|---|---|---|
| March 13, 2023 | 2017055886402 | Order Regarding Cantone Respondents’ Motion for Clarification | Disciplinary Order |
| March 13, 2023 | 97002201 | Order Granting Motion to Dismiss and Decision | Expedited Order |
| February 28, 2023 | 97002201 | Order Granting In Part and Denying In Part Enforcement’s Motion to Continue Hearing Date | Expedited Order |
| February 28, 2023 | 2021071137001 | Order Granting Enforcement’s Motion for Leave to Offer Expert Testimony |
Disciplinary Order |
| February 21, 2023 | 2017055886402 | Order Rejecting Respondents’ Pre-Hearing Objections to the Department of Enforcement’s Proposed Witnesses and Denying Respondent’s Motion in Limine | Disciplinary Order |
| February 21, 2023 | 2017055886402 | Order Denying the Department of Enforcement’s Objection to One of Respondents’ Witnesses, but Imposing Certain Requirements on Respondents | Disciplinary Order |
| February 21, 2023 | 2017055886402 | Order Granting the Department of Enforcement’s Motion to Present Testimony by Videoconference or Telephone | Disciplinary Order |
| February 21, 2023 | 2017055886402 | Order Sustaining One of Respondents’ Objections to the Department of Enforcement’s Proposed Exhibits and Overruling Other Objections | Disciplinary Order |
| February 09, 2023 | 2020066627202 | Order Regarding Pre-Hearing Objections and Motion in Limine | Disciplinary Order |
| February 08, 2023 | 2021070337501 | Order Denying Respondent’s Motion Pursuant to FINRA Rule 9253 | Disciplinary Order |
| February 08, 2023 | 2021071137001 | Order Denying Respondents’ Discovery Requests | Disciplinary Order |
| January 17, 2023 | 2016050924601r | Bradley C. Reifler | Disciplinary Decision |
| January 13, 2023 | 2020066627202 | Order Denying Respondent’s Motion to Strike | Disciplinary Order |
| January 13, 2023 | 2020066627202 | Order Denying Respondent’s Motion for Summary Disposition | Disciplinary Order |
| January 06, 2023 | 2018058924502 | Adam James Makkai | Disciplinary Decision |
| January 03, 2023 | 2020067731001 | Patrick Matlock | Disciplinary Decision - Default |
| December 29, 2022 | 2017053462401 | Robert Henderson | Disciplinary Decision |
| December 22, 2022 | 2021071672302 | Jordan P. John | Disciplinary Decision - Default |
| December 21, 2022 | SD-2294 | Heath Butler | Statutory Disqualification, Denials |
| December 16, 2022 | 2021070867702 | David Hixon | Disciplinary Decision - Default |
| December 02, 2022 | SD-2312 | Brian D. Yarch with Regulus Financial Group, LLC | Statutory Disqualification, Approvals |
| December 02, 2022 | 2020066627202 | Oder Granting Enforcement’s Motion for Leave to Offer Expert Testimony of Arthur Middlemiss | Disciplinary Order |
| November 29, 2022 | 2021071965401 | Daniel Pita | Disciplinary Decision - Default |
| November 25, 2022 | 2020065396501 | Order Granting, in Part, Respondent’s Motion to Extend Time to File Objections | Disciplinary Order |
| October 31, 2022 | 2019064813801 | Order Granting, in Part, Enforcement’s Motion for Interim Conditions and Restrictions on Respondents | Disciplinary Order |