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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, 2020 SD-2202 Kevin McKenna with Aegis Capital Corp. Statutory Disqualification, Approvals
February 11, 2020 SD-2236 G.A. Repple & Company Statutory Disqualification, Approvals
February 11, 2020 SD-2237 Alan P. Siegel with G.A. Repple & Co. Statutory Disqualification, Approvals
February 05, 2020 2018059545201 APPEALED: Robert Juan Escobio Disciplinary Decision
January 31, 2020 2018059510201 Order Governing Post-Hearing Briefing Disciplinary Order
January 21, 2020 2017054405401 Order Governing Withdrawal Of Certain Admitted Exhibits That Were Admitted Disciplinary Order
January 21, 2020 2017054405401 Order Regarding Filing Transcript Of Voice Message Disciplinary Order
January 14, 2020 SD-2190 Deutsche Bank Securities, Inc. Statutory Disqualification, Approvals
December 20, 2019 2016048921102 Order Granting Motion to Withhold From Production Documents Outside the Scope of This Proceeding Disciplinary Order
December 19, 2019 2012032731802 APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley Disciplinary Decision
December 19, 2019 2017055608101 APPEALED: Kapil Maheshwari Disciplinary Decision
December 19, 2019 SD-2246 Banca IMI Securities Corp. Statutory Disqualification, Approvals
December 17, 2019 2016051493704 APPEALED: Jorge A. Reyes Disciplinary Decision
December 17, 2019 SD-2121 Interactive Brokers LLC Statutory Disqualification, Approvals
December 16, 2019 2015045456401 David O. Braeger Disciplinary Decision
December 11, 2019 2015046631101 Robert R. Tweed Disciplinary Decision
December 11, 2019 SD-2186 Joseph Campo with Moelis & Company, LLC Statutory Disqualification, Approvals
December 10, 2019 2013035865303 Spencer Edwards, Inc. Disciplinary Decision
December 05, 2019 2015045257501 Order Granting Motion to Withhold Certain Emails Disciplinary Order
November 29, 2019 2017054405401 Order Granting Enforcement’s Motion in Limine Disciplinary Order
November 11, 2019 ARB190024 Jonathan R. Lake Expedited Decision
November 06, 2019 2018059510201 Case Management and Scheduling Order Disciplinary Order
November 01, 2019 FPI190006 KJM Securities Expedited Decision
October 21, 2019 SD-2230 Arthur W. Lewis with A.G.P. Alliance Global Partners Statutory Disqualification, Approvals
October 04, 2019 FPI190006 Order Permitting Parties To Oppose Or Otherwise Comment Upon The Hearing Officer’s Proposal To Take Official Notice Expedited Order