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 Decision Proceeding No. Title Deciding Body Type Order No.
Mar 16, 2015 2006006705601r John M.E. Saad National Adjudicatory Council (NAC) 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
Jan 9, 2015 20120334673-01 Department of Enforcement v. John Thomas Financial, Inc. Office of Hearing Officers (OHO) Disciplinary Decision
Dec 29, 2014 2009019108901 Appealed:William Scholander and Talman Harris National Adjudicatory Council (NAC) Disciplinary Decision, Redacted Decision
Dec 18, 2014 SD1904 J.P. Morgan Securities, LLC National Adjudicatory Council (NAC) Statutory Disqualification, Approvals
Dec 11, 2014 SD-1997 Appealed:Ronald M. Berman National Adjudicatory Council (NAC) Statutory Disqualification, Denials
Dec 11, 2014 2011025957702 Gary Giblen National Adjudicatory Council (NAC) Disciplinary Decision
Dec 11, 2014 20070094044 Appealed:Wedbush Securities, Inc. and Edward William Wedbush National Adjudicatory Council (NAC) Disciplinary Decision
Nov 6, 2014 SD-2017 Piper Jaffray & Co. Member Regulation Statutory Disqualification, Approvals
Nov 3, 2014 20110273503 Richard A. McGuire Office of Hearing Officers (OHO) Disciplinary Decision
Oct 13, 2014 2010022977801 Ameriprise Financial Services, Inc. and David B. Tysk Office of Hearing Officers (OHO) Disciplinary Decision
Oct 8, 2014 SD-1757, SD-1758, & SD-1896 UBS Financial Services, Inc., and UBS Securities, LLC National Adjudicatory Council (NAC) Statutory Disqualification, Approvals
Oct 8, 2014 2011030192201 Alfred P. Reeves, III National Adjudicatory Council (NAC) Disciplinary Decision
Oct 3, 2014 2009016034101 Anthony A. Grey National Adjudicatory Council (NAC) Disciplinary Decision
Oct 2, 2014 20130379350 Bering Strait Securities, Inc. National Adjudicatory Council (NAC) Membership Decision
Oct 2, 2014 SD-1798 NAC Statutory Disqualification Decision SD-1798 National Adjudicatory Council (NAC) Statutory Disqualification, Approvals
Sep 29, 2014 2013037332701 Dale Edward Para Office of Hearing Officers (OHO) Disciplinary Decision
Sep 9, 2014 SD-2012 David S. Thomas, Jr. Member Regulation Statutory Disqualification, Approvals
Aug 12, 2014 20100226015-01 Hearing Panel Decision in Department of Enforcement v. Jack Brian Weinstock Office of Hearing Officers (OHO) Disciplinary Decision
Aug 11, 2014 2009019042402 Extended Hearing Panel Decision in Department of Enforcement v. James E. Rooney, Jr. Office of Hearing Officers (OHO) Disciplinary Decision
Aug 5, 2014 2011027402201 Raymond Thomas Clark Office of Hearing Officers (OHO) Disciplinary Decision
Aug 1, 2014 20080127674 & 20080133768 Angelo Xagoraris Disciplinary Decision
Jul 25, 2014 2011027007901 Appealed:Shashishekhar Doni National Adjudicatory Council (NAC) Disciplinary Decision

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