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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
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
August 05, 2020 2017055164001 Order Denying Respondent’s Motions In Limine Disciplinary Order
July 31, 2020 2018058924502 Order Denying Motion for Summary Disposition Disciplinary Order
July 24, 2020 2019062092401 Steven Harris Disciplinary Decision - Default
July 15, 2020 ARB200024 Order Granting Department of Enforcement’s Motion To Strike Respondent’s Defense And Request for Hearing Expedited Order
July 02, 2020 2016048837401 Order Granting In Part And Denying In Part Respondent’s Motion In Limine Regarding Expert Testimony Disciplinary Order
July 01, 2020 2018058286901 APPEALED: Wilfredo Felix and Primex Prime Electronic Execution, Inc. d/b/a Primex Disciplinary Decision
June 30, 2020 ARB200006 Daniel Paul Motherway Expedited Decision
June 29, 2020 2014042606902 APPEALED: Silver Leaf Partners, LLC Disciplinary Decision
June 23, 2020 2014041860801 Sandlapper Securities, LLC, Trevor Lee Gordon, and Jack Charles Bixler Disciplinary Decision
June 18, 2020 2014041541401 Order Requiring Certification of Compliance With FINRA Rule 9910 Disciplinary Order
June 15, 2020 2015047005801 Brian Colin Doherty Disciplinary Decision
June 15, 2020 2014041868001 Dennis A. Mehringer, Jr. Disciplinary Decision
June 05, 2020 2016052104101 APPEALED: Devin Lamarr Wicker Disciplinary Decision
June 01, 2020 2017055164001 Order Denying Respondent’s Motion For Production Of Witness Statements Under Rule 9253 Disciplinary Order
May 28, 2020 2019064884501 Gustavo T. Franco Disciplinary Decision - Default
May 27, 2020 2017053462401 Order Denying Respondent’s Motion To Amend Answer Disciplinary Order