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
Dec 22, 2015 2010025350001 Roric E. Griffith Disciplinary Decision
Dec 22, 2015 2014040968501 Order Granting in Part and Denying in Part Enforcement's Motion in Limine to Preclude the Respondent from Introducing Testimony and Evidence at the Hearing Disciplinary Order
Dec 18, 2015 ARB150039 Order Dismissing Expedited Proceeding Pursuant to FINRA Rule 9559(m) Expedited Order
Dec 18, 2015 2012034393801 APPEALED: Aon D. Miller Disciplinary Decision
Dec 17, 2015 20110273503 Richard A. McGuire Disciplinary Decision
Dec 17, 2015 2010025181001 APPEALED: John Vincent Ballard Disciplinary Decision
Dec 17, 2015 2010024889501 William B. Fretz, Jr, John P. Freeman and The Keystone Equities Group, LP Disciplinary Decision
Dec 3, 2015 ARB150048 Order Granting Complaint’s Motion for an Order Pursuant to Rule 9559(m) and Deeming September 15, 2015 Notice of Suspension Final FINRA Action Expedited Order
Dec 1, 2015 2010025087302 APPEALED: Thaddeus J. North Disciplinary Decision
Nov 30, 2015 SD-MCDC-049 et al. Comerica Securities, Inc., Crews & Associates, Inc., Northland Securities, Inc., PNC Capital Markets LLC Statutory Disqualification, Approvals
Nov 30, 2015 SD-MCDC-046 et al. Ameritas Investment Corp., Duncan-Williams, Inc., Estrada Hinojosa & Company, Inc., Fifth Third Securities, Inc., The Frazer Lanier Company, Inc., Joe Jolly & Co., Inc., NW Capital Markets, Inc., Prager & Co., LLC, Ross, Sinclaire & Associates, LLC Statutory Disqualification, Approvals
Nov 30, 2015 SD-MCDC-036 et al. J.J.B Hilliard, W.L. Lyons, LLC, Mesirow Financial, Inc., BB&T Securities, LLC, Edward D. Jones & Co., L.P., UBS Financial Services Inc. Statutory Disqualification, Approvals
Nov 18, 2015 2014040651301 Yaron Reuven Disciplinary Decision
Nov 6, 2015 2014041319201 APPEALED: Miguel Ortiz Disciplinary Decision
Oct 29, 2015 2011025444501 APPEALED: Wood (Arthur W.) Company Disciplinary Decision
Oct 23, 2015 2013038136101 Andrew Lyman Quinn, Disciplinary Decision
Oct 22, 2015 20100215720-01 eBX, LLC Disciplinary Decision
Oct 22, 2015 201203564701 Order Granting, in Part, Enforcement's Motion for Leave to Offer Telephone Testimony Disciplinary Order
Oct 5, 2015 2009017899801 APPEALED: Rani T. Jarkas Disciplinary Decision
Oct 2, 2015 2013036799501 APPEALED: Michael Casas Disciplinary Decision
Oct 2, 2015 2011025679201 MSC – BD, LLC and Paul J. McIntyre Disciplinary Decision
Oct 1, 2015 2013035095301 Candace Jean Lee Disciplinary Decision
Oct 1, 2015 2013035344201 Protective Order Governing Personal Confidential Information Disciplinary Order
Sep 29, 2015 SD-2029 Bret M. Shapiro with Dawson James Securities, Inc. Statutory Disqualification, Denials
Sep 25, 2015 2012034211301 APPEALED: Fuad Ahmed Disciplinary Decision

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