Adjudications & Decisions

<!DOCTYPE html> <html lang="en" dir="ltr" prefix="og: https://ogp.me/ns#"> <head> <script type="text/javascript" src="https://try.abtasty.com/1815f4bcb7f984090f9f3450ffb107c9.js"></script>  <script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-PX5XDBN');</script>  <script defer src="//cdn.jsdelivr.net/bluebird/3.5.0/bluebird.min.js"></script> <script defer src="https://cdnjs.cloudflare.com/ajax/libs/fetch/2.0.3/fetch.js"></script> <meta charset="utf-8" /> <meta name="description" content="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" /> <link rel="canonical" href="https://www.finra.org/rules-guidance/adjudication-decisions" /> <link rel="image_src" href="https://www.finra.org/sites/default/files/2023-12/finra-logo.png" /> <meta name="google" content="p6aFpyERRdC4Ror_K0mTRRtXKjAsz35RTQl_MDv_nNg" /> <meta property="og:title" content="Adjudications & Decisions" /> <meta property="og:description" content="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" /> <meta property="og:image" content="https://www.finra.org/sites/default/files/2023-12/finra-logo.png" /> <meta name="Generator" content="Drupal 10 (https://www.drupal.org)" /> <meta name="MobileOptimized" content="width" /> <meta name="HandheldFriendly" content="true" /> <meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no" /> <meta http-equiv="x-ua-compatible" content="ie=edge" /><script type="text/javascript">(window.NREUM||(NREUM={})).init={ajax:{deny_list:["bam.nr-data.net"]}};(window.NREUM||(NREUM={})).loader_config={licenseKey:"d7b664b4b4",applicationID:"486102969"};;/*! 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href="/registration-exams-ce/individuals" class="sf-depth-4" aria-labelledby="Individuals">Individuals</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentac0e3bb2-976c-4b6a-8fec-981489a9fdec--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/registration-exams-ce" class="sf-depth-2 menuparent" aria-labelledby="Registration Section 2">Registration Section 2</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content5b603fc0-12c2-44c3-bb60-0db5f114a14f--2" class="sf-depth-3 header menuparent"><a href="/registration-exams-ce/qualification-exams" class="sf-depth-3 menuparent" aria-labelledby="Qualification Exams">Qualification Exams</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content63752dac-c460-4619-b75a-0544d39f9e21--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/qualification-exams/securities-industry-essentials-exam-sie" class="sf-depth-4" aria-labelledby="Securities Industry Essentials Exam (SIE)">Securities Industry Essentials Exam (SIE)</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contenteba0ebc3-0134-40a1-869d-3a5a30f05306--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/qualification-exams/series7" class="sf-depth-4" aria-labelledby="Series 7">Series 7</a></li></ol></li><li id="finra-homepage-nav-megamenus-new-menu-link-content1d435c60-0a5d-4ac1-baac-6feb68ac1aa4--2" class="sf-depth-3 header menuparent"><a href="/registration-exams-ce/continuing-education" class="sf-depth-3 menuparent" aria-labelledby="Continuing Education (CE)">Continuing Education (CE)</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content12708005-03a9-4813-a1c4-b79ccb575e00--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/continuing-education/regulatory-element-topics" class="sf-depth-4" aria-labelledby="View a Regulatory Element Learning Plan">View a Regulatory Element Learning Plan</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-content87ac70da-476d-497b-bee4-39d65e59ea5f--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/registration-exams-ce" class="sf-depth-2 menuparent" aria-labelledby="Registration Section 3">Registration Section 3</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content1f87e2bc-137c-4e76-ba12-921ac5400696--2" class="sf-depth-3 header menuparent"><a href="/registration-exams-ce/classic-crd" class="sf-depth-3 menuparent" aria-labelledby="Registration Systems">Registration Systems</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content74de55a6-970c-49a4-877f-6a3cd1584db9--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/classic-crd" class="sf-depth-4" aria-labelledby="Classic CRD">Classic CRD</a></li><li 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class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content9cd640c1-feb7-4c4a-b67e-a3eaedacd028--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/events-training" class="sf-depth-2 menuparent" aria-labelledby="Events & Training Section 1">Events & Training Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentf380a1ac-d9fd-45e2-8f15-32b96331c18f--2" class="sf-depth-3 header sf-no-children"><a href="/events-training/conferences-events" class="sf-depth-3" aria-labelledby="Conferences & Events">Conferences & Events</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content9abdc27c-9497-426d-be8e-465a10d034ac--2" class="sf-depth-3 header sf-no-children"><a href="/events-training/finra-georgetown" class="sf-depth-3" aria-labelledby="FINRA Institute at Georgetown">FINRA Institute at Georgetown</a></li><li 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menuparent"><a href="/filing-reporting" class="sf-depth-1 menuparent" aria-labelledby="Filing & Reporting">Filing & Reporting</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content296db8b3-7b22-4c23-a036-06be44277a69--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/filing-reporting" class="sf-depth-2 menuparent" aria-labelledby="Filing & Reporting Section 1">Filing & Reporting Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentf874a19d-557b-487f-88f1-3d84445f4bc9--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/finra-gateway" class="sf-depth-3" aria-labelledby="FINRA Gateway">FINRA Gateway</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf6c4c3c6-93c8-42cf-ab58-476a92d01380--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/systems-status" class="sf-depth-3" aria-labelledby="Systems Status">Systems Status</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentd27e2150-fc22-4e07-98c1-2cce079184a8--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/entitlement" class="sf-depth-3" aria-labelledby="Entitlement Program">Entitlement Program</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content68c74d41-92b9-4e79-84e4-5c43beaf45dc--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/market-transparency-reporting" class="sf-depth-3" aria-labelledby="Market Transparency Reporting Tools">Market Transparency Reporting Tools</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentbb250ecd-0432-4ebc-bccf-a21e455fb617--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/regulatory-filing-systems" class="sf-depth-3" aria-labelledby="Regulatory Filing Systems">Regulatory Filing Systems</a></li><li 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menuparent"><div class="sf-multicolumn-column"><a href="/compliance-tools" class="sf-depth-2 menuparent" aria-labelledby="Compliance Tools Section 1">Compliance Tools Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content2badcc82-a0ba-4813-a97b-5cde27a154a6--2" class="sf-depth-3 header sf-no-children"><a href="https://www.finra.org/compliance-tools/cybersecurity-checklist" class="sf-depth-3 sf-external" aria-labelledby="Cybersecurity Checklist">Cybersecurity Checklist</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content7f6b440c-bc36-49c7-900b-1fe8e36909db--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/compliance-calendar" class="sf-depth-3" aria-labelledby="Compliance Calendar">Compliance Calendar</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contente0f11415-45ff-4cf1-925e-cf2b1f5cecf9--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/weekly-archive" class="sf-depth-3" aria-labelledby="Weekly Update Email Archive">Weekly Update Email Archive</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content170de235-7c02-4852-984e-95eef4499125--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/peer-2-peer-compliance-library" class="sf-depth-3" aria-labelledby="Peer-2-Peer Compliance Library">Peer-2-Peer Compliance Library</a></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-content8a617041-43a3-43ff-9f58-6a2615970d47--2" class="sf-depth-1 header menuparent"><a href="/investors" class="sf-depth-1 menuparent" aria-labelledby="For Investors">For Investors</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content955b2de2-2baf-4187-9e39-086c21440220--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/investors" class="sf-depth-2 menuparent" aria-labelledby="For Investors Section 1">For Investors Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content1def6247-9eb1-41f1-a045-bbfc96316e74--2" class="sf-depth-3 header sf-no-children"><a href="/investors/insights" class="sf-depth-3" aria-labelledby="Investor Insights">Investor Insights</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content0f5c83d6-0199-481c-bdb8-4215fffb4371--2" class="sf-depth-3 header sf-no-children"><a href="/investors/tools-and-calculators" class="sf-depth-3" aria-labelledby="Tools & Calculators">Tools & Calculators</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content53f5080d-f916-4b0a-942e-129c5cf72090--2" class="sf-depth-3 header menuparent"><a href="/investors/personal-finance" class="sf-depth-3 menuparent" aria-labelledby="Personal Finance">Personal Finance</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content7c320bbc-4fad-463a-97ee-024d99463fca--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/know-your-net-worth" class="sf-depth-4" aria-labelledby="Net Worth">Net Worth</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content26f056cf-1b99-4c9d-a97c-18cc65a4eb22--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/control-spending-calculate-cash-flow" class="sf-depth-4" aria-labelledby="Spending">Spending</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content2c662e03-9e1f-4e44-80e6-aba99155f167--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/manage-your-debt" class="sf-depth-4" aria-labelledby="Debt">Debt</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content2d5626b5-fe42-47bf-8088-a4996e53f73e--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/how-your-credit-score-impacts-your-financial-future" class="sf-depth-4" aria-labelledby="Credit Scores">Credit Scores</a></li><li 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href="/investors/investing/investing-basics" class="sf-depth-4" aria-labelledby="Investing Basics">Investing Basics</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contente62ab252-c90e-43eb-b799-328c951f9680--2" class="sf-depth-4 header sf-no-children"><a href="/investors/investing/investment-products" class="sf-depth-4" aria-labelledby="Investment Products">Investment Products</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content4a8dd42d-00d4-4290-8ed4-e6224956af5f--2" class="sf-depth-4 header sf-no-children"><a href="/investors/investing/investment-accounts" class="sf-depth-4" aria-labelledby="Investment Accounts">Investment Accounts</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf425f2b1-c2f1-4000-9bb7-2233a2298437--2" class="sf-depth-4 header sf-no-children"><a href="/investors/investing/working-with-investment-professional" class="sf-depth-4" aria-labelledby="Working With an Investment Professional">Working With an Investment Professional</a></li></ol></li><li id="finra-homepage-nav-megamenus-new-menu-link-contenta983f7d0-3993-4f42-80d8-ed474e986f45--2" class="sf-depth-3 header menuparent"><a href="/investors/protect-your-money" class="sf-depth-3 menuparent" aria-labelledby="Protect Your Money">Protect Your Money</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content84745677-33ee-4917-b6d7-78f2d33ae64a--2" class="sf-depth-4 header sf-no-children"><a href="/investors/alerts" class="sf-depth-4" aria-labelledby="Investor Alerts">Investor Alerts</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentbabb7a34-330b-432a-9c7a-3aed86cab6b3--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/ask-and-check" class="sf-depth-4" aria-labelledby="Ask and Check">Ask and Check</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content75981642-a29c-4c2f-a04a-268dd98fd524--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/avoid-fraud" class="sf-depth-4" aria-labelledby="Avoid Fraud">Avoid Fraud</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content773fb0c7-df7e-422b-a8f0-3689c3f58683--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/protect-your-identity" class="sf-depth-4" aria-labelledby="Protect Your Identity">Protect Your Identity</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf03d2691-6592-4649-b41d-6652712ef3d0--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/investors" class="sf-depth-2 menuparent" aria-labelledby="For Investors Section 3">For Investors Section 3</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentb0c88306-2bd6-4078-8a56-8766b2affe7f--2" class="sf-depth-3 header sf-no-children"><a href="/investors/military" class="sf-depth-3" aria-labelledby="For the Military">For the Military</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content1b13b9ef-e483-4cb3-bce6-a5e1069fc45e--2" class="sf-depth-3 header menuparent"><a href="/investors/need-help" class="sf-depth-3 menuparent" aria-labelledby="Need Help?">Need Help?</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentf4bc73f1-2d52-4a24-9c44-7d956273b8fb--2" class="sf-depth-4 header sf-no-children"><a href="/investors/need-help/file-a-complaint" class="sf-depth-4" aria-labelledby="File a Complaint">File a Complaint</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentcca58141-8642-401c-acd4-a857dae74c57--2" class="sf-depth-4 header sf-no-children"><a href="/investors/need-help/helpline-seniors" class="sf-depth-4" aria-labelledby="FINRA Securities Helpline for Seniors">FINRA Securities Helpline for Seniors</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentb8670cad-ba33-4aff-a609-45c82362ed80--2" class="sf-depth-4 header sf-no-children"><a 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href="/rules-guidance/adjudication-decisions/national-adjudicatory-council-nac" class="nav-link" aria-labelledby="National Adjudicatory Council (NAC)" data-drupal-link-system-path="rules-guidance/adjudication-decisions/national-adjudicatory-council-nac">National Adjudicatory Council (NAC)</a> </li> <li class="nav-item"> <a href="/rules-guidance/adjudication-decisions/office-hearing-officers-oho/about" class="nav-link" aria-labelledby="Office of Hearing Officers (OHO)" data-drupal-link-system-path="node/10857">Office of Hearing Officers (OHO)</a> </li> </ul> </li> </ul> </nav> </div> </div> </aside> </div> <main class="main-content col" id="content" role="main"> <section class="section"> <a id="main-content" tabindex="-1"></a> <div id="block-finra-bootstrap-sass-system-main" data-block-plugin-id="system_main_block" class="block block-system block-system-main-block"> <div class="content"> <article class="node node--type-article node--view-mode-full clearfix node--promoted"> <div> <div class="layout layout--twocol-bricks"> <div class="row"> <div class="layout__region layout__region--top col-md-12"> <div class="block-region-top"><div data-block-plugin-id="entity_field:node:title" class="block block-ctools-block block-entity-fieldnodetitle"> <div class="content"> <span class="field field--name-title field--type-string field--label-hidden"><h1>Adjudications & Decisions</h1></span> </div> </div> </div> </div> </div> <div class="finra-container"> <div class="row"> </div> </div> <div class="finra-container"> <div class="row"> </div> </div> <div class="row"> <div class="layout__region layout__region--middle col-md-12"> <div class="block-region-middle"><div data-block-plugin-id="entity_field:node:body" class="block block-ctools-block block-entity-fieldnodebody"> <div class="content"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement Department files a complaint with the <a href="/oho">Office of Hearing Officers (OHO)</a>.</p> <p>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 <a href="/rules-guidance/adjudication-decisions/national-adjudicatory-council-nac">National Adjudicatory Council (NAC)</a> and former FINRA Governors.</p> <p>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.</p> <p>For each case, the hearing panel will issue a written decision explaining the reasons for its ruling and consult the FINRA <a href="/rules-guidance/oversight-enforcement/sanction-guidelines">Sanction Guidelines</a> 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.</p> <hr /><h2>Appeals Process</h2> <p>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.</p> <p>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.</p> <hr /><h2>View All Adjudications & Decisions</h2> </div> </div> </div> </div> </div> </div> <div class="finra-container"> <div class="row"> </div> </div> <div class="finra-container"> <div class="row"> </div> </div> <div class="row"> <div class="layout__region layout__region--bottom col-md-12"> <div class="block-region-bottom"><div class="views-element-container block block-views block-views-blockdecisions-media-block-1" data-block-plugin-id="views_block:decisions_media-block_1"> <div class="content"> <div><div class="view view-decisions-media view-id-decisions_media view-display-id-block_1 js-view-dom-id-40b901cf164681183c8ebc16a5551913cc50b05c11fcff56cf442b4bca41c227"> <div class="view-filters"> <form class="views-exposed-form bef-exposed-form" data-bef-auto-submit-full-form="" data-bef-auto-submit="" data-bef-auto-submit-delay="500" data-drupal-selector="views-exposed-form-decisions-media-block-1" action="/rules-guidance/adjudication-decisions" method="get" id="views-exposed-form-decisions-media-block-1" accept-charset="UTF-8"> <div class="views-exposed-form bef-exposed-form form-row" data-bef-auto-submit-full-form="" data-bef-auto-submit="" data-bef-auto-submit-delay="500" data-drupal-selector="views-exposed-form-decisions-media-block-1"> <fieldset class="js-form-item js-form-type-select form-type-select js-form-item-field-core-topic-target-id form-item-field-core-topic-target-id form-group"> <label for="edit-field-core-topic-target-id">Deciding Body</label> <select data-drupal-selector="edit-field-core-topic-target-id" id="edit-field-core-topic-target-id" name="field_core_topic_target_id" class="form-select form-control"><option value="All" selected="selected">- Any -</option><option value="3590">--Member Regulation</option><option value="453">--National Adjudicatory Council (NAC)</option><option value="450">--Office of Hearing Officers (OHO)</option></select> </fieldset> <fieldset class="js-form-item js-form-type-select form-type-select js-form-item-field-decision-type-tax-target-id form-item-field-decision-type-tax-target-id form-group"> <label for="edit-field-decision-type-tax-target-id">Decision Type</label> <select data-drupal-selector="edit-field-decision-type-tax-target-id" id="edit-field-decision-type-tax-target-id" name="field_decision_type_tax_target_id" class="form-select form-control"><option value="All" selected="selected">- Any -</option><option value="435">Attorney Disqualification Ruling</option><option value="455">Disciplinary Decision</option><option value="460">Disciplinary Order</option><option value="440">Expedited Decision</option><option value="434">-Non-Summary Proceeding</option><option value="442">-Rule 9530 Suspension Decisions</option><option value="451">-Rule 9540 Suspension Decisions</option><option value="459">-Rule 9550 Expedited Decisions</option><option value="4192">Expedited Order</option><option value="436">Membership Decision</option><option value="3689">OTCBB</option><option value="456">Redacted Decision</option><option value="463">Statutory Disqualification</option><option value="448">-Approvals</option><option value="437">-Denials</option><option value="444">-Other</option></select> </fieldset> <fieldset data-drupal-selector="edit-custom-year-wrapper" id="edit-custom-year-wrapper" class="js-form-item form-item js-form-wrapper form-wrapper mb-3"> <legend> <span class="fieldset-legend">Choose Year</span> </legend> <div class="fieldset-wrapper"> <fieldset class="js-form-item js-form-type-select form-type-select js-form-item-custom-year-year form-item-custom-year-year form-group"> <label for="edit-custom-year-year">Year</label> <select data-drupal-selector="edit-custom-year-year" id="edit-custom-year-year" name="custom_year[year]" class="form-select form-control"><option value="any" selected="selected">- Any -</option><option value="0">2024</option><option value="1">2023</option><option value="2">2022</option><option value="3">2021</option><option value="4">2020</option><option value="5">2019</option><option value="6">2018</option><option value="7">2017</option><option value="8">2016</option><option value="9">2015</option><option value="10">2014</option><option value="11">2013</option><option value="12">2012</option><option value="13">2011</option><option value="14">2010</option><option value="15">2009</option><option value="16">2008</option><option value="17">2007</option><option value="18">2006</option><option value="19">2005</option><option value="20">2004</option><option value="21">2003</option><option value="22">2002</option><option value="23">2001</option><option value="24">2000</option><option value="25">1999</option><option value="26">1998</option><option value="27">1997</option></select> </fieldset> </div> </fieldset> <div data-drupal-selector="edit-actions" class="form-actions js-form-wrapper form-group" id="edit-actions"><input data-bef-auto-submit-click="" class="js-hide button js-form-submit form-submit btn btn-primary" data-drupal-selector="edit-submit-decisions-media" type="submit" id="edit-submit-decisions-media" value="Apply" /> </div> </div> </form> </div> <div class="view-content"> <div class="table-responsive col"> <table class="table views-table views-view-table cols-4"> <thead class=''> <tr> <th id="view-field-core-official-dt-table-column" aria-sort="ascending" class="views-field views-field-field-core-official-dt is-active" scope="col">Date of Decision</th> <th id="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx" scope="col">Proceeding No.</th> <th id="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx" scope="col">Title</th> <th id="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax" scope="col">Type</th> </tr> </thead> <tbody> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">October 29, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-11/SD-2397-Cambridge-19h-1-10-29-2024.pdf" data-ga-event-pdf="SD-2397 - Cambridge Investment Research, Inc." class="ga-event ga-event-pdf" target="_blank">SD-2397</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Cambridge Investment Research, Inc. </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">October 15, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-10/20241015_2019060753508_Rosalia.pdf" data-ga-event-pdf="OHO Default Decision 2019060753508 - Michael R. Rosalia" class="ga-event ga-event-pdf" target="_blank">2019060753508</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Michael R. Rosalia </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision - Default </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">October 14, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-11/SD-2386_LincolnFinancialSecuritiesCorporation_20241014.pdf" data-ga-event-pdf="SD-2386 - Lincoln Financial Securities Corporation" class="ga-event ga-event-pdf" target="_blank">SD-2386</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Lincoln Financial Securities Corporation n/k/a Osaic FS, Inc. </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">October 14, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-11/SD-2387_LincolnFinancialSecuritiesCorporation_20241014.pdf" data-ga-event-pdf="SD-2387 - Lincoln Financial Advisors Corporation" class="ga-event ga-event-pdf" target="_blank">SD-2387</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Lincoln Financial Advisors Corporation n/k/a Osaic FA, Inc. </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">October 09, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-10/2024-10-09-Spartan-2019061528001.pdf" data-ga-event-pdf="NAC Disciplinary Decision - 2019061528001 - Spartan Capital Securities, LLC, John D. Lowry, and Kim M. Monchik" class="ga-event ga-event-pdf" target="_blank">2019061528001</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx"><strong>APPEALED: </strong> Spartan Capital Securities, LLC, John D. Lowry, and Kim M. Monchik </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">October 07, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-11/20241007_ARB240010_Silvio%20Borrero_Expedited%20Decision.pdf" data-ga-event-pdf="OHO Default Decision ARB240010 - Silvio Borrero" class="ga-event ga-event-pdf" target="_blank">ARB240010</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Silvio Borrero </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Expedited Decision </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">October 03, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-10/2020066627202_20241003_Capellini_NAC.pdf" data-ga-event-pdf="NAC Disciplinary Decision - 2020066627202 - Suzanne Marie Capellini" class="ga-event ga-event-pdf" target="_blank">2020066627202</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx"><strong>APPEALED: </strong> Suzanne Marie Capellini </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">September 30, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-10/20240930_2023078168101_Tavic.pdf" data-ga-event-pdf="OHO Disciplinary Decision - 2023078168101 - Tavic O. Francis" class="ga-event ga-event-pdf" target="_blank">2023078168101</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Tavic O. Francis </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision - Default </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">September 27, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-10/SD-2394-NorthwesternMutual-09-27-2024.pdf" data-ga-event-pdf="SD-2394 - Northwestern Mutual Investment Services, LLC" class="ga-event ga-event-pdf" target="_blank">SD-2394</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Northwestern Mutual Investment Services, LLC </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">September 20, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-09/OHO_Default_20240920_2018056490310_Baumann.pdf" data-ga-event-pdf="OHO Disciplinary Decision 2018056490310 - Thomas J. Baumann" class="ga-event ga-event-pdf" target="_blank">2018056490310</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Thomas J. Baumann </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision - Default </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">September 13, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-09/OHO_Default_20240913_2023077591501_Harpe.pdf" data-ga-event-pdf="OHO Disciplinary Decision 2023077591501 - Gary F. Harpe" class="ga-event ga-event-pdf" target="_blank">2023077591501</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Gary F. Harpe </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision - Default </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 30, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-09/SD-2396-Guggenheim-19h-1-08-30-2024.pdf" data-ga-event-pdf="SD-2396 - Guggenheim Securities, LLC" class="ga-event ga-event-pdf" target="_blank">SD-2396</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Guggenheim Securities, LLC </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 28, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-09/20240828_202006607903_Centeno_Disciplinary_Decision.pdf" data-ga-event-pdf="OHO Disciplinary Decision 202006607903 - Jose L. Centeno" class="ga-event ga-event-pdf" target="_blank">202006607903</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx"><strong>APPEALED: </strong> Jose L. Centeno </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 23, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-08/OHO_Default_Sullivan_2018056490311_20240823.pdf" data-ga-event-pdf="OHO Default Decision 2018056490311 - Stephen James Sullivan" class="ga-event ga-event-pdf" target="_blank">2018056490311</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Stephen James Sullivan </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision - Default </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 21, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-09/SD-2380-Robert-W-Baird-Incorporated-19h-1-08-21-2024.pdf" data-ga-event-pdf="SD-2380 - Robert W. Baird &amp; Co. Incorporated" class="ga-event ga-event-pdf" target="_blank">SD-2380</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Robert W. Baird & Co. Incorporated </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 20, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-09/SD-2375-19h-1-Notice-08-20-2024.pdf" data-ga-event-pdf="SD-2375 - Interactive Brokers Corp." class="ga-event ga-event-pdf" target="_blank">SD-2375</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Interactive Brokers Corp. </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 20, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-09/SD-2376-19h-1-Notice-08-20-2024.pdf" data-ga-event-pdf="SD-2376 - Interactive Brokers LLC" class="ga-event ga-event-pdf" target="_blank">SD-2376</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Interactive Brokers LLC </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 16, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-08/OHO_Default_Grande_2018060128401.pdf" data-ga-event-pdf="OHO Default Decision 2018060128401 - Michael Charles Grande" class="ga-event ga-event-pdf" target="_blank">2018060128401</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Michael Charles Grande </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision - Default </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 15, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-09/OHO-Kolta-2018057297102-20240815.pdf" data-ga-event-pdf="OHO Disciplinary Decision 2018057297102 - Mark Sam Kolta" class="ga-event ga-event-pdf" target="_blank">2018057297102</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx"><strong>APPEALED: </strong> Mark Sam Kolta </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Disciplinary Decision </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">August 06, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-08/OHO_Davis_ARB240008.pdf" data-ga-event-pdf="OHO Expedited Decision - ARB240008 - John Lawrence Davis" class="ga-event ga-event-pdf" target="_blank">ARB240008</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">John Lawrence Davis </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Expedited Decision </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">July 24, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-08/MizuhoSecurities-SD-2371-07-24-2024.pdf" data-ga-event-pdf="SD-2371 - Mizuho Securities USA LLC" class="ga-event ga-event-pdf" target="_blank">SD-2371</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Mizuho Securities USA LLC </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">July 19, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-08/BMO-Capital-Markets-Corp-SD-2372-19h-1-Notice-07-19-2024.pdf" data-ga-event-pdf="Decision - SD-2372 - BMO Capital Markets Corp" class="ga-event ga-event-pdf" target="_blank">SD-2372</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">BMO Capital Markets Corp. </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">July 10, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-08/WellsFargo-SD-2368-19h-1-07-10-24.pdf" data-ga-event-pdf="SD-2368 - Wells Fargo Securities, LLC" class="ga-event ga-event-pdf" target="_blank">SD-2368</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Wells Fargo Securities, LLC </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">July 08, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-08/OHO_Pirnie_ARB240001.pdf" data-ga-event-pdf="OHO Expedited Decision - ARB240001 - Jason Malcom Pirnie" class="ga-event ga-event-pdf" target="_blank">ARB240001</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">Jason Malcom Pirnie </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Expedited Decision </td> </tr> <tr> <td headers="view-field-core-official-dt-table-column" class="views-field views-field-field-core-official-dt is-active">July 03, 2024 </td> <td headers="view-field-decision-number-tx-table-column" class="views-field views-field-field-decision-number-tx"><a href="/sites/default/files/2024-08/HIC-SD-2391-19h-1-Notice-07-03-2024.pdf" data-ga-event-pdf="SD-2391 - The Huntington Investment Company" class="ga-event ga-event-pdf" target="_blank">SD-2391</a> </td> <td headers="view-field-core-short-title1-tx-table-column" class="views-field views-field-field-core-short-title1-tx">The Huntington Investment Company </td> <td headers="view-field-decision-type-tax-table-column" class="views-field views-field-field-decision-type-tax">Statutory Disqualification, Approvals </td> </tr> </tbody> </table> </div> </div> <nav aria-label="pagination-heading"> <h4 id="pagination-heading" class="visually-hidden">Pagination</h4> <ul class="pagination js-pager__items"> <li class="page-item active"> <span class="page-link">1</span> </li> <li class="page-item "> <a href="?page=1" title="" class="page-link">2</a> </li> <li class="page-item "> <a href="?page=2" title="" class="page-link">3</a> </li> <li class="page-item "> <a href="?page=3" title="" class="page-link">4</a> </li> <li class="page-item "> <a href="?page=4" title="" class="page-link">5</a> </li> <li class="page-item "> <a href="?page=5" title="" class="page-link">6</a> </li> <li class="page-item "> <a href="?page=6" title="" class="page-link">7</a> </li> <li class="page-item "> <a href="?page=7" title="" class="page-link">8</a> </li> <li class="page-item "> <a href="?page=8" title="" class="page-link">9</a> </li> <li 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