Adjudication and Decisions
When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement Department or Market Regulation 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 FINRAâ€™s District Committees, as well as its Market Regulation Committee, former members of FINRAâ€™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 FINRAâ€™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 panelâ€™s findings were legally correct, factually supported and consistent with FINRAâ€™s Sanction Guidelines. While a panel decision is on appeal, the sanction is not enforced against the firm or individual.
Unless FINRAâ€™s Board of Governors decides to review the NACâ€™s appellate decision, that decision represents FINRAâ€™s final action. A firm or individual can appeal FINRAâ€™s decision to the SEC and then to federal court.
|Date of Decision||Proceeding No.||Title||Deciding Body||Type||Order No.|
|Jun 4, 2015||2011025444501||Order Denying Respondent's Motion to Strike Portions of Enforcement's Post-Hearing Appendix||Office of Hearing Officers (OHO)||Disciplinary Order||15-10|
|May 6, 2015||2009016317701||The Dratel Group, Inc. and William M. Dratel||National Adjudicatory Council (NAC)||Disciplinary Decision|
|May 4, 2015||M00010006||Appealed:In the Matter of the New Membership Application Firm X||National Adjudicatory Council (NAC)||Redacted Decision|
|Apr 29, 2015||2009017195204||Merrimac Corporate Securities, Inc.||National Adjudicatory Council (NAC)||Disciplinary Decision|
|Apr 16, 2015||2007011413501||Appealed:Brookstone Securities, Inc., Antony Lee Turbeville, Christopher Dean Kline and David William Locy||National Adjudicatory Council (NAC)||Disciplinary Decision|
|Apr 8, 2015||2010024522103||Order Denying Motion Pursuant to FINRA Rule 9234||Office of Hearing Officers (OHO)||Disciplinary Order||15-09|
|Apr 8, 2015||2011025622001||Order Denying Respondent's Motion for Leave to Permit Expert Testimony||Office of Hearing Officers (OHO)||Disciplinary Order||15-08|
|Apr 2, 2015||2013036217601||Order Granting In Part and Denying In Part Enforcement’s Motion for Partial Summary Disposition||Office of Hearing Officers (OHO)||Disciplinary Order||15-07|
|Apr 2, 2015||2012034045101||Charles H. Melvin, Jr.||Office of Hearing Officers (OHO)||Disciplinary Decision|
|Mar 31, 2015||2011027666902||Appealed:Merrimac Corporate Securities, Inc. and Robert Nash||Office of Hearing Officers (OHO)||Disciplinary Decision|
|Mar 30, 2015||2011025785602||Anthony Warren Thompson and TNP Securities, LLC||Office of Hearing Officers (OHO)||Disciplinary Decision|
|Mar 30, 2015||2011025675501||Appealed:Kimberly Springsteen-Abbott||Office of Hearing Officers (OHO)||Disciplinary Decision|
|Mar 25, 2015||SD-2025||ConvergEx Execution Solutions, LLC||Member Regulation||Statutory Disqualification, Approvals|
|Mar 19, 2015||20100215720-01||Order Denying Respondent’s Motion for Permission to Seek Additional Party Discovery||Disciplinary Order||15-06|
|Mar 18, 2015||DFC140002||Order Granting Complainant’s Motion to Dismiss Hearing Request||Office of Hearing Officers (OHO)||Disciplinary Order||15-01|
|Mar 17, 2015||2011027271901||Richard Blair||Office of Hearing Officers (OHO)||Disciplinary Decision|
|Mar 16, 2015||2006006705601r||John M.E. Saad||National Adjudicatory Council (NAC)||Disciplinary Decision|
|Mar 12, 2015||FPI140011||Alex Lubetsky||Office of Hearing Officers (OHO)||Expedited Decision, Rule 9550 Expedited Decisions|
|Mar 10, 2015||2011026788801||Keith Geary||Office of Hearing Officers (OHO)||Disciplinary Decision|
|Mar 9, 2015||2012030724101||Appealed:Fox Financial Management Corporation, Brian A. Murphy, and James E. Rooney, Jr.||Office of Hearing Officers (OHO)||Disciplinary Decision|
|Mar 9, 2015||2011025899601||David and Sian Harari||National Adjudicatory Council (NAC)||Disciplinary Decision|
|Mar 3, 2015||20110269351||John Cherry, III||National Adjudicatory Council (NAC)||Disciplinary Decision|
|Feb 27, 2015||2011028061001||Keilen Dimone Wiley||National Adjudicatory Council (NAC)||Disciplinary Decision|
|Feb 26, 2015||SD-2024||G-Trade Services LLC||Member Regulation||Statutory Disqualification, Approvals|
|Feb 23, 2015||2010024522103||Order Denying Respondents’ Motion Pursuant to Rule 9251||Office of Hearing Officers (OHO)||Disciplinary Order||15-02|