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
| Date of Decision | Proceeding No. | Title | Type |
|---|---|---|---|
| April 05, 2019 | 2016050137503 | Order Regarding Respondents’ Motion For Extension Of Time To Answer | Disciplinary Order |
| April 01, 2019 | 2016048393501 | Order Granting Motion for Leave to File First Amended Complaint and Index to the First Amended Complaint | Disciplinary Order |
| March 28, 2019 | 2016052503101 | Order Denying Respondent’s Motion for Summary Disposition | Disciplinary Order |
| March 18, 2019 | 2016047565702 | Dakota Securities & Bruce Zipper | Disciplinary Decision |
| March 15, 2019 | SD-2195 | Scott Coy | Statutory Disqualification, Denials |
| March 13, 2019 | 2016052503101 | Order Granting in Part and Denying in Part Respondent’s Rule 9252 Request | Disciplinary Order |
| March 13, 2019 | 2017052760001 | Order Regarding Pre-Hearing Submissions | Disciplinary Order |
| March 12, 2019 | 2018058866401 | Tyler J. Woodward | Disciplinary Decision - Default |
| March 11, 2019 | 2010022977801r | David B. Tysk | Disciplinary Decision |
| March 07, 2019 | SD-2148 | Guy Wyser-Pratte | Statutory Disqualification, Denials |
| March 05, 2019 | 2013035345701 | APPEALED: Titan Securities, Brad Brooks and Richard Demetriou | Disciplinary Decision |
| March 05, 2019 | 2014039839101 | Jim Jinkook Seol | Disciplinary Decision |
| March 04, 2019 | 2016050883001 | Notice of Receipt of Answer and Order Setting Initial Pre-Hearing Conference | Disciplinary Order |
| March 04, 2019 | 2016050883001 | Protective Order Governing Personal Confidential Information | Disciplinary Order |
| March 01, 2019 | 2016051493704 | Order Granting in Part Enforcement’s Motion for Rule-Compliant Answer | Disciplinary Order |
| February 28, 2019 | 2016048393501 | Notice of Receipt of Answer and Order Setting Initial Pre-Hearing Conference and Requiring Certificate of Compliance with FINRA Rule 9910 | Disciplinary Order |
| February 15, 2019 | 2015045312501 | Supplemental Order Regarding Denial of Motion for Stay of Proceedings | Disciplinary Order |
| February 15, 2019 | 2012033566205 | Accelerated Capital Group, Inc. | Disciplinary Decision - Default |
| January 30, 2019 | 2015047005801 | Order Denying Enforcement’s Motion for Summary Disposition and Granting in Part and Denying in Part Motion to Strike Affirmative Defense | Disciplinary Order |
| January 29, 2019 | 2015044823501, 2015044823502 | Craig Scott Taddonio, Brent Morgan Porges, Edward Beyn | Disciplinary Decision |
| January 29, 2019 | 2014042606902 | APPEALED: Silver Leaf Partners, LLC | Disciplinary Decision |
| January 29, 2019 | 2014043863001 | APPEALED: Peter Orlando | Disciplinary Decision |
| January 25, 2019 | ARB180037 | Order Denying Motion to Dismiss; | Expedited Order |
| January 16, 2019 | 2013035130101 | APPEALED: Cantone Research, Inc., Anthony Cantone, and Christine Cantone | Disciplinary Decision |
| January 09, 2019 | 2016050938301 | Order Granting Department of Enforcement’s Motion For Leave to Amend its Exhibit List | Disciplinary Order |