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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
October 06, 2022 2013037522501r APPEALED: Trevor Michael Saliba Disciplinary Decision
October 03, 2022 SD-2238 APPEALED: Matthew Iverson Statutory Disqualification, Denials
September 29, 2022 SD-2313 McDonald Partners LLC Statutory Disqualification, Approvals
September 23, 2022 2017055886402 Order Granting Motion for Continuance Disciplinary Order
September 23, 2022 SD-2265 APPEALED: Laurence Allen Statutory Disqualification, Denials
September 21, 2022 2018056490303 Timothy P. Higgins Disciplinary Decision - Default
September 08, 2022 2017055886402 Order Excluding Unqualified Attorney from Proceeding Disciplinary Order
August 30, 2022 2017055886402 Order Setting a Pre-Hearing Videoconference and Specifically Requiring Respondent to Attend Disciplinary Order
August 29, 2022 SD-2304 Herbert J. Sims & Co., Inc. Statutory Disqualification, Approvals
August 26, 2022 SD-2300 TIAA-CREF Individual & Institutional Services, LLC Statutory Disqualification, Approvals
August 26, 2022 2019064813801 APPEALED: NYPPEX, LLC, Laurence Allen, and Michael Schunk Disciplinary Decision
August 18, 2022 ARB220007 Jeff Corey McElroy Expedited Decision
August 09, 2022 2020066627202 Order Denying Enforcement's Motion to Strike Respondent's Second Affirmative Defense Disciplinary Order
August 04, 2022 ARB220010 Order Dismissing Expedited Proceeding and Allowing Suspension to Take Effect Expedited Order
July 25, 2022 2021071060902 Gregory S. Hanshew Disciplinary Decision - Default
July 22, 2022 2020066627202 Order Denying Respondent's Motion to Dismiss with Leave to Re-file as a Motion for Summary Disposition Disciplinary Order
July 19, 2022 2020066032801 Francis J. Velten Disciplinary Decision - Default
July 14, 2022 2019061528001 Order Denying the Parties' Motions in Limine Disciplinary Order
July 14, 2022 2019061528001 Order Granting Enforcement's Motion for Leave to Use Demonstrative Disciplinary Order
July 12, 2022 2021071227301 Stephen G. Whitman Disciplinary Decision - Default
July 12, 2022 FPI220001 Ustocktrade Securities, Inc. Expedited Decision
July 11, 2022 2019061528001 Order Granting Enforcement's Motion to Sequester Witnesses Disciplinary Order
July 07, 2022 2019064656601 APPEALED: Charles Scott Burford Disciplinary Decision
June 27, 2022 2019064746502 Worden Capital Management Disciplinary Decision - Default
June 10, 2022 2018057235801 APPEALED: Megurditch Patatian Disciplinary Decision