FINRA’s Office of Hearing Officers has recently again confirmed that, despite the U.S. Supreme Court imposing the five year statute of limitations on SEC disgorgement actions, FINRA enforcement proceedings are not subject to any statute of limitations. While there are equitable arguments available to challenge stale FINRA cases, it is quite a different standard which is neither as simple to make nor as likely to be successful.
See FINRA Dept. of Enforcement v. Mark C. Cohen, OHO Order 18-01 (2014040761001)(April 11, 2018) at http://www.finra.org/sites/default/files/OHO_Order_18-01_2014040761001.pdf