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 FINRA's District Committees, as well as its Market Regulation Committee, former members of FINRA'sâ„¢ 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.

Date of Decisionsort ascending Proceeding No. Title Type
Aug 23, 2016 2011025675501 Kimberly Springsteen-Abbott Disciplinary Decision
Aug 3, 2016 2011025851501 KCD Financial, Inc. Disciplinary Decision
Jul 28, 2016 2013035817701 Protective Order Governing Personal Confidential Information Disciplinary Order
Jul 28, 2016 20120342425-01 Order Concerning Parties’ Motion for Leave to Present Expert Testimony Disciplinary Order
Jul 21, 2016 2010022601501 Jack Brian Weinstock Disciplinary Decision
Jul 20, 2016 2009020465801 Keith D. Geary Disciplinary Decision
Jul 19, 2016 2011028502101 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jul 18, 2016 2012034389202 Bernard G. McGee Disciplinary Decision
Jul 18, 2016 2012033351801 Paolo Franca Iida Disciplinary Decision
Jun 10, 2016 2011030293503 APPEALED: Richard Gomez Disciplinary Decision
Jun 3, 2016 2013035211801 APPEALED: David A. Elgart Disciplinary Decision
Jun 3, 2016 2012030731802 APPEALED: William H. Murphy & Co., Inc. and William H. Murphy Disciplinary Decision
May 24, 2016 2014043020901 Order Ruling on Witness Objections Disciplinary Order
May 20, 2016 SD-2027 Christopher Cota with Capital Financial Services, Inc. Statutory Disqualification, Denials
May 20, 2016 2013038333001 Order Denying Respondent’s Motion for Request for Documents and Information Disciplinary Order
May 16, 2016 2010022977801 APPEALED: David B. Tysk Disciplinary Decision
May 9, 2016 SD-2069 APPEALED: Bruce Meyers with Meyers Associates, L.P. Statutory Disqualification, Denials
May 2, 2016 2014040968501 APPEALED: Ahmed Gadelkareem Disciplinary Decision
Apr 27, 2016 2010020954501 APPEALED: Meyers Associates, L.P., Bruce Meyers, and Imtiaz A. Khan Disciplinary Decision
Apr 18, 2016 2011027007901 APPEALED: Shashishekhar Doni Disciplinary Decision
Apr 6, 2016 SD-2010 Michael C. Furman with Citigroup Global Markets, Inc. Statutory Disqualification, Approvals
Apr 4, 2016 20120320803-01 APPEALED: Peter J. Auzers and Shiva Naby Disciplinary Decision
Mar 30, 2016 2013036681701 Order Granting Enforcement’s Motion for Leave to Withhold Documents From Discovery. Disciplinary Order
Mar 25, 2016 2015044379701 Order Denying Rule 9252 Request Disciplinary Order
Mar 24, 2016 SD-MCDC-053 et al Boenning & Scattergood, Inc., First Midstate, Inc., Mitsubishi UFJ Securities (USA), Inc., Municipal Capital Markets Group, Inc., Roosevelt & Cross, Inc. Statutory Disqualification, Approvals

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