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'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.

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
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 23, 2016 2010024522103 APPEALED: Brett Ian Friedberg Disciplinary Decision
Mar 18, 2016 2012034719701 APPEALED: Paul E. Taboada Disciplinary Decision
Mar 11, 2016 2013038418201 Order Denying Respondent’s Motion to Compel Member Firm to Produce Additional Documents. Disciplinary Order
Mar 10, 2016 2012031496501 Order Denying Respondents’ Motion for Partial Summary Disposition. Disciplinary Order
Mar 7, 2016 2008011762801r Mitchell H. Fillet Disciplinary Decision
Mar 4, 2016 2014040501801 Order Denying Respondents’ Motion for Summary Disposition Disciplinary Order
Mar 4, 2016 2013036836801 Order Denying Respondent’s Rule 9252 Request Disciplinary Order
Mar 3, 2016 2014040968501 Omnibus Order on Pre-Hearing Motions Disciplinary Order
Feb 29, 2016 2012034936005 APPEALED: David Joseph Escarcega Disciplinary Decision
Feb 29, 2016 2014043020901 Order Denying Respondent’s Motion Pursuant to FINRA Rule 9252 and Granting Respondent Leave to Supplement Disciplinary Order
Feb 26, 2016 2014041724601 Order Denying Respondents’ Motions 1) For Summary Disposition and 2) To Disqualify Enforcement Counsel Disciplinary Order
Feb 25, 2016 2014043020901 Order Denying Respondent’s Motion to Compel Production of Documents Disciplinary Order
Feb 22, 2016 2014040501801 Order Denying Motion for Permission to Present Expert Testimony Disciplinary Order
Feb 18, 2016 FPI150009 Gary James Lundgren Expedited Decision, Non-Summary Proceeding
Feb 16, 2016 20080148227-02 Order Denying Respondents’ Preclusion Motion Disciplinary Order
Feb 12, 2016 2013036678201 Tracy Chen Disciplinary Decision
Feb 3, 2016 2012033393401 Order Granting in Part and Denying in Part Respondent’s Motion in Limine to Exclude the Testimony of KA, BS, and MC. Disciplinary Order
Jan 29, 2016 2014040295201 Order Denying Respondents’ Motion for Expert Testimony Disciplinary Order
Jan 28, 2016 2015044379701 Order Denying Motion to Dismiss Disciplinary Order
Jan 20, 2016 2015044960501 Order Denying Motion to Admit Newly Discovered Evidence, dated January 20, 2016. Disciplinary Order
Jan 15, 2016 2012033362101 APPEALED: Thomas Edmund Connors Disciplinary Decision
Dec 29, 2015 2011029619301 Kenny Akindemowo Disciplinary Decision
Dec 22, 2015 2010025350001 Roric E. Griffith Disciplinary Decision

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