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
Sep 9, 2014 SD-2012 David S. Thomas, Jr. with Purshe Kaplan Sterling Investments, Inc. Statutory Disqualification, Approvals
Sep 7, 2004 C3B020015 Davrey Financial Services, Inc. Disciplinary Decision
Aug 2, 2016 FPI160006 Dawn Bennett Expedited Decision
Jan 26, 2006 FPI050010 Decision in Department of Enforcement v. James J. Brazil Expedited Decision, Rule 9550 Expedited Decisions
Sep 26, 2005 ARB040051 Decision in Department of Enforcement v. Respondent Expedited Decision, Rule 9550 Expedited Decisions
Jun 28, 2006 ARB060005 Decision in Department of Enforcement v. Respondent Expedited Decision, Rule 9550 Expedited Decisions
Sep 15, 2006 FPI060008 Decision in Department of Market Regulation v. Respondent Expedited Decision, Rule 9550 Expedited Decisions, Redacted Decision
Apr 5, 2006 DFC050011 Decision in NASD Treasurer v. Lee Fisher Expedited Decision, Rule 9550 Expedited Decisions
Dec 18, 2009 2006006192901 Denis William Kraemer, Jr. Disciplinary Decision
May 9, 2014 2010023349601 APPEALED: Denise M. Olson Disciplinary Decision
May 7, 2007 C04050014 Dennis P. Cooper Disciplinary Decision
Mar 20, 2002 CAF000033 Dennis Sturm Disciplinary Decision
Feb 15, 2013 2007010580702 Dennis Thomas Palmeri, Jr. Disciplinary Decision
Jan 9, 2015 20120334673-01 Department of Enforcement v. John Thomas Financial, Inc. Disciplinary Decision
Dec 2, 1998 C8A980012 Department of Enforcement, Complainant v. Respondent Redacted Decision
Sep 6, 2005 C01040001 Department of Enforcement, Complainant, vs. Respondent Firm and Respondent Disciplinary Decision, Redacted Decision
Apr 18, 2011 EQS100001 Department of Member Regulation v. Intermountain Financial Services, Inc. Expedited Decision, Rule 9550 Expedited Decisions
Dec 17, 2014 SD-1802 Deutsche Bank Securities, Inc. Statutory Disqualification
Aug 5, 2011 20070094468 Dirk Allen Taylor Disciplinary Decision
Aug 6, 1999 C8B970010 District Business Conduct Committee For District No. 8, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Oct 2, 2008 2005001819101 Domestic Securities Inc. Disciplinary Decision
Jan 13, 1999 C10970003 Donald Clyde Bozzi Disciplinary Decision
Nov 3, 1998 C05930020 Donald R. Gates Disciplinary Decision
Oct 5, 2016 FPI160009 Donald Shelby Toomer Expedited Decision
Jan 20, 1998 C02960031 Donna R. Roach Disciplinary Decision

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