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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
December 09, 2024 2020065396501 Peter J. Fetherston Disciplinary Decision
December 09, 2024 SD-2398 Oppenheimer & Co. Inc. Statutory Disqualification, Approvals
November 26, 2024 SD-2424 TD Private Client Wealth LLC Statutory Disqualification, Approvals
November 26, 2024 SD-2393 KeyBanc Capital Markets Inc. Statutory Disqualification, Approvals
November 26, 2024 2023078202201 Daniel Hoeflinger Disciplinary Decision - Default
November 26, 2024 SD-2409 TD Securities (USA) LLC Statutory Disqualification, Approvals
November 26, 2024 SD-2395 Key Investment Services LLC Statutory Disqualification, Approvals
November 25, 2024 2022075597101 Order Deferring Ruling on Respondents’ Motion for Extension of Time to Answer Complaint Disciplinary Order
November 22, 2024 SD-2411 Great Point Capital, LLC Statutory Disqualification, Approvals
November 20, 2024 SD-2416 First Trust Portfolios L.P. Statutory Disqualification, Approvals
November 06, 2024 2019064508802 APPEALED: Eugene H. Kim Disciplinary Decision
October 29, 2024 SD-2397 Cambridge Investment Research, Inc. Statutory Disqualification, Approvals
October 24, 2024 2020066079903 Order Granting in Part Enforcement’s Motion Pursuant to Rule 9285 Disciplinary Order
October 23, 2024 2019064333401 Order Denying Respondent’s Motion for Stay of Hearing Disciplinary Order
October 23, 2024 2019064333401 Order Rescheduling Dates for Hearing Disciplinary Order
October 15, 2024 2019060753508 Michael R. Rosalia Disciplinary Decision - Default
October 14, 2024 SD-2387 Lincoln Financial Advisors Corporation n/k/a Osaic FA, Inc. Statutory Disqualification, Approvals
October 14, 2024 SD-2386 Lincoln Financial Securities Corporation n/k/a Osaic FS, Inc. Statutory Disqualification, Approvals
October 09, 2024 2019061528001 APPEALED: Spartan Capital Securities, LLC, John D. Lowry, and Kim M. Monchik Disciplinary Decision
October 07, 2024 ARB240010 Silvio Borrero Expedited Decision
October 07, 2024 2018057297102 Order Granting Enforcement’s Motion for Interim Conditions and Restrictions Disciplinary Order
October 03, 2024 2020066627202 APPEALED: Suzanne Marie Capellini Disciplinary Decision
September 30, 2024 2023078168101 Tavic O. Francis Disciplinary Decision - Default
September 27, 2024 SD-2394 Northwestern Mutual Investment Services, LLC Statutory Disqualification, Approvals
September 23, 2024 ARB240006 Stephen Walter Pendergast Expedited Decision