| FINRA.org

FINRA.org will undergo scheduled maintenance Sunday, Nov. 1, from 8 p.m. to Monday, Nov. 2, 4 a.m. ET, with a brief five-minute outage during this window.

2024083063101 Calvin Lee Gray CRD 7575351 OHO Decision ks (2025-1754785195023).pdf

DEPARTMENT OF ENFORCEMENT, Complainant, v. CALVIN LEE GRAY (CRD No. 7575351), Respondent. Disciplinary Proceeding No. 2024083063101 Hearing Officer–MJD DEFAULT DECISION June 26, 2025 Respondent Calvin Lee Gray is barred from associating with any FINRA member firm in any capacity for failing to comply with requests for information and documents during a FINRA investigation, in violation of FINRA Rules 8210 and 2010.

2023079728601 Ishamael Williams CRD 6128916 OHO Decision ks (2025-1754785196117).pdf

DEPARTMENT OF ENFORCEMENT, Complainant, v. ISHMAEL WILLIAMS (CRD No. 6128916), Respondent. Disciplinary Proceeding No. 2023079728601 Hearing Officer–MJD DEFAULT DECISION June 17, 2025 Respondent Ishmael Williams is barred from associating with any FINRA member firm in any capacity for providing false and misleading written responses and testimony during an investigation and for failing to respond to requests for information and documents, in violation of FINRA Rules 8210 and 2010.

2024083132901 Santiago J. Torres CRD 5644622 OHO Decision ks (2025-1754785194583).pdf

DEPARTMENT OF ENFORCEMENT, Complainant, v. SANTIAGO J. TORRES (CRD No. 5644622), Respondent. Disciplinary Proceeding No. 2024083132901 Hearing Officer–MPD DEFAULT DECISION June 12, 2025 Respondent is barred from associating with any FINRA member firm in any capacity for failing to provide information and documents and failing to appear for on-the-record testimony, as requested in connection with a FINRA investigation, in violation of FINRA Rules 8210 and 2010.

ARB250005-ARB250007 Michael Barrows CRD 29933260 and Eric Ludovico CRD 2932082 Appealed Expedited Decision ks (2025-1754785196025).pdf

DEPARTMENT OF ENFORCEMENT, Complainant, v. MICHAEL BARROWS (CRD No. 2933260), and ERIC JOHN LUDOVICO (CRD No. 2932082), Respondents. Expedited Proceeding Nos. ARB250005 and ARB250007 RCM Nos. 20250849589 and 20250849777 Hearing Officer–LOM EXPEDITED DECISION May 7, 2025 For their failure to pay a FINRA arbitration award in favor of a customer, Respondents are suspended from associating with any FINRA member firm in any capacity until they comply with the award or establish one of the recognized defenses to a suspension for failure to pay.

SR-FINRA-2025-001

Rule Filing Status: Approved

Rule change to exempt certain business development companies from FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and from paragraph (b) (Spinning) of FINRA Rule 5131 (New Issue Allocations and Distributions).

SR-FINRA-2025-010

Rule Filing Status: Filed for Immediate Effectiveness

Rule change to amend FINRA Rule 6897(b) (CAT Cost Recovery Fees) to implement a Consolidated Audit Trail (“CAT”) cost recovery fee designed to permit FINRA to recoup its designated portion of the reasonably budgeted CAT costs of the National Market System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan” or “Plan”) for the period July 1, 2025 through December 31, 2025.

Subscribe to