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 descending Proceeding No. Title Type
Jun 4, 1998 C07970024 Michael L. Yancey Disciplinary Decision
Jun 10, 1998 C3A960009 In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent Firm and Mr. Robert L. Stevens Disciplinary Decision, Redacted Decision
Jun 12, 1998 C9B950010 Eliezer Gurfel Disciplinary Decision
Jun 12, 1998 C10930017 Rafael Pinchas Disciplinary Decision
Jun 16, 1998 C3A970009 Hearing Panel Decision in Department of Enforcement v. W.B. McKee Securities, et al Disciplinary Decision
Jun 24, 1998 C10970120 Hearing Panel Decision in Department of Enforcement v. Frank Rocky Mazzei and GKN Securities Corporation Disciplinary Decision
Jun 29, 1998 No Complaint Number Carlisle Investment Group, Ltd. Disciplinary Decision
Jun 30, 1998 C3A970072 Hearing Panel Decision in Department of Enforcement v. Christopher E. Jann Disciplinary Decision
Jun 30, 1998 C01980001 Hearing Panel Decision in Department of Enforcement v. Donald Clewell Maier Disciplinary Decision
Jul 1, 1998 C07970051 Richard Timothy Greene Disciplinary Decision
Jul 2, 1998 C07950058 In the Matter of District Business Conduct Committee For District No. 7 Complainant, vs. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Jul 2, 1998 C07950058 International Trading Group, Inc., & Daniel E. Carter Disciplinary Decision
Jul 2, 1998 C01970017 Glen McKinley Richars, III Disciplinary Decision
Jul 2, 1998 C01970012 Monterey Bay Securities, Inc., & Kenneth Mark Doolittle Disciplinary Decision
Jul 8, 1998 C10970007 Lawrence P. Bruno, Jr. Disciplinary Decision
Jul 9, 1998 C01970012 In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Jul 9, 1998 C01970012 Monterey Bay Securities, Inc., & Kenneth Mark Doolittle Disciplinary Decision
Jul 13, 1998 CMS920091 Michael J. Markowski & Joseph F. Riccio Disciplinary Decision
Jul 20, 1998 C10970141 Order Regarding Pre-Hearing Conference Disciplinary Order
Jul 22, 1998 C8B960042 John A. Chepak Disciplinary Decision
Jul 22, 1998 C8B960042 In the Matter of District Business Conduct Committee For District No. 8, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Jul 24, 1998 C07970045 Ted D. Wells Disciplinary Decision
Jul 28, 1998 C02970027 Nancy H. Martin Disciplinary Decision
Jul 29, 1998 C10960162 Douglas John Mangan Disciplinary Decision
Aug 4, 1998 CAF970011 Order Granting in Part and Denying in Part Complainant's Motion in Limine Disciplinary Order

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