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. Titlesort descending Type
Mar 4, 2013 2008013864401 Amended Hearing Panel Decision in Department of Enforcement v. Michael Jennings, Brian Mulvey and Respondent 3 Disciplinary Decision
Dec 13, 2011 2008011762801 Amended Hearing Panel Decision in Department of Enforcement v. Mitchell Fillet Disciplinary Decision
Jun 8, 2012 2007008724701 Amended Hearing Panel Decision in Department of Enforcement v. Randy Carlson Disciplinary Decision
Aug 13, 2013 2009016159102 Amended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Jan 29, 2009 2005003188901 Amended Hearing Panel Decision in Department of Enforcement v. Richard G. Cody Disciplinary Decision
Sep 19, 2013 2009016317701 Amended Hearing Panel Decision in Department of Enforcement v. The Dratel Group, Inc. and William M. Dratel Disciplinary Decision
Oct 29, 2011 2010021627601 Amended Hearing Panel Decision in Department of Enforcement v. Timothy L. Pittman Disciplinary Decision
Dec 17, 2012 2009020081301 Amended Hearing Panel Decision in Department of Enforcement v. William M. Somerindyke, Jr. and Respondent 2 Disciplinary Decision
Aug 15, 2008 E1020040926-01 America First Associates Corp. and Joseph Ricupero Disciplinary Decision
Apr 30, 2008 CE3050003 American Fund Distributors, Inc. Disciplinary Decision
Oct 13, 2014 2010022977801 Ameriprise Financial Services, Inc. and David B. Tysk Disciplinary Decision
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
May 7, 2003 CMS000015 Amr "Tony" Elgindy and Key West Securities, Inc. Disciplinary Decision
Apr 27, 2004 C10020060 Andrew C. Knight Disciplinary Decision
Apr 9, 1999 C10970156 Andrew D. Schiff Disciplinary Decision
Dec 22, 1998 C10960149 Andrew Fensmark Harris Disciplinary Decision
Aug 26, 2008 CAF040058 Andrew Gonchar and Polyvios Polyviou Disciplinary Decision
Jul 27, 2007 E072004072501 Andrew J. Hardin Disciplinary Decision
Oct 23, 2015 2013038136101 Andrew Lyman Quinn, Disciplinary Decision
Dec 7, 2005 C10030088 Andrew P. Schneider Disciplinary Decision
Aug 1, 2014 20080127674 & 20080133768 Angelo Xagoraris Disciplinary Decision
Nov 3, 1999 C04970050 Ansula Pet Hwa Liu Disciplinary Decision
Oct 3, 2014 2009016034101 APPEALED: Anthony A. Grey Disciplinary Decision
Jul 26, 2007 C07050029 Anthony Cipriano Disciplinary Decision
Aug 8, 2003 C02010041 Anthony H. Barkate Disciplinary Decision

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