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.
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 07, 2022||FPI210010||Expedited Hearing Panel Decision - Department of Enforcement v. Alpine Securities Corporation||Expedited Decision|
|March 28, 2022||SD-2296||Bolton Securities Corporation||Statutory Disqualification, Approvals|
|March 25, 2022||2018057274302||APPEALED: Hearing Panel Decision - Department of Enforcement v. Jason L. DiPaola||Disciplinary Decision|
|March 22, 2022||2019061232601||APPEALED: Extended Hearing Panel Decision - Department of Enforcement v. Alpine Securities Corporation||Disciplinary Decision|
|March 16, 2022||2016047565702r||APPEALED: Dakota Securities International, Inc. and Bruce Martin Zipper||Disciplinary Decision|
|March 08, 2022||2019064813801||Supplemental Order Regarding Denial of Respondents’ Request for Postponement||Disciplinary Order|
|March 02, 2022||2019060648701||Order Denying Respondent’s Motion to Dismiss||Disciplinary Order|
|February 10, 2022||SD-2288||Interactive Brokers, LLC||Statutory Disqualification, Approvals|
|February 10, 2022||2018058537302||Order Granting Department of Enforcement’s Motion for Leave to Use Demonstrative||Disciplinary Order|
|January 31, 2022||2016048837401||Craig Stanton Norton||Disciplinary Decision|
|January 21, 2022||2020067814802||Order Directing Respondent to File Answer Compliant With FINRA Rule 9215||Disciplinary Order|
|January 13, 2022||2018058537302||Order Denying Respondent’s Motion to Postpone Hearing Dates||Disciplinary Order|
|January 12, 2022||2018057235801||Omnibus Order on Pre-Hearing Motions and Objections||Disciplinary Order|
|January 11, 2022||SD-2290||Voya Financial Advisors, Inc.||Statutory Disqualification, Approvals|
|January 03, 2022||ARB210015||Jeanette S. Stofleth||Expedited Decision|
|December 30, 2021||FPI210005||Darryl Matthew Cohen||Expedited Decision|
|December 16, 2021||2016051615301||Partho S. Ghosh||Disciplinary Decision|
|December 16, 2021||2018059510201||APPEALED: Thomas John Lykos, Jr.||Disciplinary Decision|
|December 15, 2021||2016052104101||APPEALED: Devin Lamarr Wicker||Disciplinary Decision|
|December 14, 2021||2019061528001||Order Denying Respondents’ Motion For a More Definite Statement||Disciplinary Order|
|December 01, 2021||SD-2277||Peter R. Serra with Joseph Gunnar & Co. LLC||Statutory Disqualification, Approvals|
|November 10, 2021||2018057274302||Order Sustaining Department of Enforcement’s Objections to Enforcement Attorney Gary Chodosh Being Called as a Witness, and Granting Motion in Limine||Disciplinary Order|
|October 29, 2021||2018057235801||Order Granting in Part Respondent’s Motion for Continuance||Disciplinary Order|
|October 28, 2021||2019061232601||Order Regarding Alpine Securities’ Discovery Motion Related to Christopher Doubek||Disciplinary Order|
|October 25, 2021||SD-2279||Todd Wyche with San Blas Securities, LLC||Statutory Disqualification, Approvals|