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 |
---|---|---|---|
July 01, 2024 | SD-2370 | Wells Fargo Clearing Services, LLC | Statutory Disqualification, Approvals |
June 25, 2024 | 2021071094401 | APPEALED: John Pelletier | Disciplinary Decision |
June 14, 2024 | SD-2359 | Laidlaw & Company (UK) Ltd. | Statutory Disqualification, Approvals |
June 07, 2024 | SD-2364 | SMBC Nikko Securities America, Inc. | Statutory Disqualification, Approvals |
June 06, 2024 | 2021072167901 | Order Denying Respondent’s Motion for Leave to Present Expert Testimony | Disciplinary Order |
June 05, 2024 | SD-2369 | Wells Fargo Advisors Financial Network, LLC | Statutory Disqualification, Approvals |
May 30, 2024 | SD-2363 | Wedbush Securities Inc. | Statutory Disqualification, Approvals |
May 29, 2024 | SD-2378 | Nuveen Securities, LLC | Statutory Disqualification, Approvals |
May 29, 2024 | SD-2374 | Perella Weinberg Partners LP | Statutory Disqualification, Approvals |
May 29, 2024 | SD-2381 | Tudor, Pickering, Holt & Co. Securities, LLC | Statutory Disqualification, Approvals |
May 23, 2024 | 2021071137001 | Order Granting Department of Enforcement’s Motion for Interim Conditions and Restrictions | Disciplinary Order |
May 21, 2024 | 2019064508802 | Order Granting Motion for Sequestration | Disciplinary Order |
May 21, 2024 | 2019064508802 | Order Granting and Denying, in Part, Respondent’s Motion to Modify the Case Management and Scheduling Order and for Reconsideration of Hearing Procedures for Witness Examinations | Disciplinary Order |
May 21, 2024 | 2019064508802 | Order Denying Respondent’s Motion to Designate Certain Witnesses as Adverse Witnesses | Disciplinary Order |
May 21, 2024 | 2019064508802 | Order Granting, in Part, and Denying, in Part, Respondent’s Motion for Videoconference and/or Telephone Testimony of Certain Witnesses | Disciplinary Order |
May 20, 2024 | 2021070337501 | Order Granting Department of Enforcement’s Rule 9285 Motion for Interim Conditions and Restrictions | Disciplinary Order |
May 17, 2024 | 2019064508802 | Order Denying Enforcement’s Motion to Use Leading Questions | Disciplinary Order |
May 17, 2024 | 2019064508802 | Order Denying Respondent’s Motion for Judicial Notice | Disciplinary Order |
May 15, 2024 | SD-2365 | Moelis & Company LLC | Statutory Disqualification, Approvals |
May 15, 2024 | 2022073772701 | Order Denying Respondent’s Motion Pursuant to FINRA Rule 9251 | Disciplinary Order |
May 14, 2024 | SD-2361 | HSBC Securities (USA) Inc. | Statutory Disqualification, Approvals |
April 30, 2024 | 2020066257302 | Order Granting Enforcement’s Objection to Respondent’s Proposed Witnesses | Disciplinary Order |
April 12, 2024 | SD-2367 | SG Americas Securities, LLC | Statutory Disqualification, Approvals |
April 12, 2024 | SD-2360 | Scotia Capital (USA) Inc. | Statutory Disqualification, Approvals |
April 08, 2024 | 2019064813801 | APPEALED: NYPPEX, LLC, Laurence Allen, and Michael Schunk | Disciplinary Decision |