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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
January 13, 2021 ARB200025 Giovanni Antonio Malatesta Expedited Decision
January 07, 2021 2018058588501 Order Denying Respondent’s Motion to Postpone Hearing Dates Disciplinary Order
December 22, 2020 2016050205901 Charles A. Laverty Disciplinary Decision
December 17, 2020 2017055608101 Kapil Maheshwari Disciplinary Decision
December 17, 2020 2015044782401 APPEALED: Robbi J. Jones and Kipling Jones & Company, Ltd. Disciplinary Decision
December 07, 2020 2017052701101 Order Converting Hearing and Final Pre-Hearing Conference to VideoConference and Amending Pre-Hearing Schedule Disciplinary Order
December 07, 2020 2017052701101 Order Granting Enforcement’s Motion for Leave to Issue Post-Complaint Rule 8210 Request Disciplinary Order
November 24, 2020 SD-2210 Barry Todd Eisenberg with Alexander Capital, L.P. Statutory Disqualification, Approvals
November 18, 2020 2018056436001 Order Memorializing Rulings at Pre-Hearing Conference Disciplinary Order
November 13, 2020 2018058924502 Order Granting Motion for Postponement Disciplinary Order
October 30, 2020 2015047244701 Order on Behalf of Hearing Panel Accepting Offer of Settlement and Proposed Order of Acceptance Pursuant to FINRA Rule 9270(e) Disciplinary Order
October 28, 2020 SD-2226 Zachary S. Brodt Statutory Disqualification, Approvals
October 19, 2020 2015047244701 Order Requiring Enforcement to Transmit to Hearing Panel Any Offer of Settlement and Proposed Order of Acceptance Pursuant to FINRA Rule 9270(e) Disciplinary Order
October 08, 2020 SD-2278 Columbus Advisory Group, Ltd. Statutory Disqualification, Approvals
September 21, 2020 2014039174202 Steven E. Larson Disciplinary Decision
September 18, 2020 2015043646501 APPEALED: Eric S. Smith Disciplinary Decision
September 17, 2020 2016050938301 APPEALED: Michael Joseph Clarke Disciplinary Decision
September 15, 2020 ARB200002 Michael Joseph Shimko, Jr. Expedited Decision
September 04, 2020 2016048837401 Order Granting Request for Postponement and Denying Request for Change of Hearing Location Disciplinary Order
August 25, 2020 2016049414401 Order Directing Respondent To File Answer Compliant With FINRA Rule 9215 Disciplinary Order
August 19, 2020 2018058924502 Order Denying Respondent's Cross-Motion to Strike Disciplinary Order
August 17, 2020 FPI200001 Roderick Kenneth Day Expedited Decision
August 17, 2020 2018057755201 Order Granting Respondent’s Rule 9252 Motion Disciplinary Order
August 14, 2020 2018058924502 Order Granting in Part and Denying in Part Enforcement’s Motion to Strike Affirmative Defenses and Request for Relief Disciplinary Order
August 12, 2020 2019063790901 Order Denying Respondent’s Motion for Return of His Computer, Motion in Limine to Preclude/Place Conditions on Testimony of Customer, and Discovery Motion Disciplinary Order