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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
July 17, 2023 2021071137001 Order Deferring Ruling on Lek Securities Corp. and Charles Lek’s Motion in Limine to Exclude Certain Evidence Disciplinary Order
July 14, 2023 2020066627202 APPEALED: Suzanne Marie Capellini Disciplinary Decision
June 27, 2023 2022076975901 Miche D. Jean Disciplinary Decision - Default
June 16, 2023 SD-2295 Allen B. Holeman with David Lerner Associates. Inc. Statutory Disqualification, Approvals
June 14, 2023 2018057297102 Order Denying Respondent’s Motion to Disqualify Enforcement Counsel Disciplinary Order
June 12, 2023 2019061528001 Order Granting, in Part, Enforcement’s Motion for Interim Conditions and Restrictions on Respondent Pursuant to FINRA Rule 9285 Disciplinary Order
June 06, 2023 ARB230003 Trevor Michael Perry Expedited Decision
June 06, 2023 2021071137001 Order Establishing Procedures Regarding Treatment of SAR Information Disciplinary Order
June 06, 2023 2019061528001 Order Denying Respondents’ Request for Oral Argument on Enforcement’s Pending Rule 9285 Motion Disciplinary Order
June 02, 2023 2021070337501 Order Denying Respondent’s Motion in Limine Disciplinary Order
May 30, 2023 2015045257501 APPEALED: Ricky Alan Mantei Disciplinary Decision
May 26, 2023 2021070337501 Order Granting Enforcement’s Motion for Leave to Offer Telephone or Videoconference Testimony Disciplinary Order
May 16, 2023 2021072142202 Roger L. Arnold Disciplinary Decision - Default
April 19, 2023 FPI220008 Sally Nava Kanarek Disciplinary Decision
April 13, 2023 SD-2317 David Girton with Blaylock Van, LLC Statutory Disqualification, Approvals
April 13, 2023 ARB220023 Timothy P. Henry Expedited Decision
March 28, 2023 97002201 Allied Millennial Partners, LLC and Daniel Peter Solakian Rule 9700 Decision
March 28, 2023 2019061528001 APPEALED: Spartan Capital Securities LLC, John D. Lowry, and Kim M. Monchick Disciplinary Decision
March 23, 2023 2018058588501 APPEALED: Christopher Peter Tranchina Disciplinary Decision
March 23, 2023 2018057297102 Order Granting, in Part, Respondent’s Motion to Continue Hearing Dates Disciplinary Order
March 23, 2023 2018057274302 APPEALED: Jason Lynn DiPaola Disciplinary Decision
March 17, 2023 2019061942901 Order Directing Respondent to File a Rule-Compliant Answer Disciplinary Order
March 13, 2023 97002201 Order Granting Motion to Dismiss and Decision Expedited Order
March 13, 2023 2017055886402 Order Regarding Motion for Clarification Disciplinary Order
February 28, 2023 97002201 Order Granting In Part and Denying In Part Enforcement’s Motion to Continue Hearing Date Expedited Order