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 |
---|---|---|---|
December 20, 2023 | SD-2314 | Wedbush Securities, Inc. | Statutory Disqualification, Approvals |
December 14, 2023 | SD-2340 | Cantor Fitzgerald & Co. | Statutory Disqualification, Approvals |
December 12, 2023 | SD-2341 | UBS Financial Services, Inc. | Statutory Disqualification, Approvals |
December 12, 2023 | SD-2347 | Nomura Securities International, Inc. | Statutory Disqualification, Approvals |
December 12, 2023 | SD-2337 | Deutsche Bank Securities Inc. | Statutory Disqualification, Approvals |
December 12, 2023 | SD-2342 | UBS Securities LLC | Statutory Disqualification, Approvals |
December 12, 2023 | SD-2343 | Barclays Capital Inc. | Statutory Disqualification, Approvals |
December 12, 2023 | SD-2336 | DWS Distributors, Inc. | Statutory Disqualification, Approvals |
December 05, 2023 | SD-2330 | Joao M. Valente | Statutory Disqualification, Approvals |
December 01, 2023 | DFC230002 | Arque Capital, Ltd. | Expedited Decision |
October 31, 2023 | 2018057297102 | Order Regarding Hearing Venue | Disciplinary Order |
October 25, 2023 | SD-2325 | BTIG, LLC | Statutory Disqualification, Approvals |
October 11, 2023 | 2018057297102 | Order Denying Respondent’s Motion for Withheld Documents List | Disciplinary Order |
October 05, 2023 | FPI230003 | Securities Capital Corporation | Expedited Decision |
October 04, 2023 | ARB230012 | John Knox Goodwin | Expedited Decision |
September 28, 2023 | 2018057235801 | APPEALED: Megurditch Patatian | Disciplinary Decision |
September 26, 2023 | 2020065396501 | APPEALED: Peter J. Fetherston | Disciplinary Decision |
September 22, 2023 | SD-2355 | Cambria Capital, LLC | Statutory Disqualification, Approvals |
September 21, 2023 | M00010008 | In the Matter of the Continuing Membership Application of Firm A | Membership Decision, Redacted Decision |
September 20, 2023 | 2019063152202 | Order Denying Respondent’s Motion for Stay | Disciplinary Order |
September 15, 2023 | SD-2315 | Halifax America LLC | Statutory Disqualification, Approvals |
September 14, 2023 | 2020066627202 | Order Governing FINRA Rule 9285 Motion | Disciplinary Order |
July 25, 2023 | SD-2253 | Domenick Migliorato with Velocity Capital LLC | Statutory Disqualification, Approvals |
July 24, 2023 | 2022074278301 | BrokerBank Securities, et al. | Disciplinary Decision - Default |
July 21, 2023 | 2021071137001 | Order Governing the Use of Leading Questions to Former Employees of Respondent Lek Securities Corporation | Disciplinary Order |