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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
February 28, 2023 97002201 Order Granting In Part and Denying In Part Enforcement’s Motion to Continue Hearing Date Expedited Order
February 21, 2023 2017055886402 Order Sustaining One of Respondents’ Objections to Enforcement’s Exhibits and Overruling Other Objections Disciplinary Order
February 21, 2023 2017055886402 Order Rejecting Respondents’ Pre-Hearing Objections to Enforcement’s Witnesses and Denying Motion in Limine Disciplinary Order
February 21, 2023 2017055886402 Order Denying Enforcement’s Objection to Respondents’ Witness and Imposing Requirements on Respondent Disciplinary Order
February 21, 2023 2017055886402 Order Granting Department of Enforcement’s Motion to Present Testimony by Videoconference or Telephone Disciplinary Order
February 09, 2023 2020066627202 Order Regarding Pre-Hearing Objections and Motion in Limine Disciplinary Order
February 08, 2023 2021071137001 Order Denying Respondents’ Discovery Requests Disciplinary Order
February 03, 2023 2021070337501 Order Denying Respondent’s Motion Pursuant to FINRA Rule 9253 Disciplinary Order
January 17, 2023 2016050924601r Bradley C. Reifler Disciplinary Decision
January 13, 2023 2020066627202 Order Denying Respondent’s Motion for Summary Disposition Disciplinary Order
January 13, 2023 2020066627202 Order Denying Respondent’s Motion to Strike 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 2020066627202 Oder Granting Enforcement’s Motion for Leave to Offer Expert Testimony of Arthur Middlemiss Disciplinary Order
December 02, 2022 SD-2312 Brian D. Yarch with Regulus Financial Group, LLC Statutory Disqualification, Approvals
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
October 18, 2022 2017052760001 APPEALED: Nancy Kimball Mellon Disciplinary Decision
October 17, 2022 SD-2311 William John Tobias Statutory Disqualification, Approvals
October 13, 2022 2020065128501 APPEALED: Wilfredo Felix, Jr. Disciplinary Decision