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
Aug 28, 1997 C02950053 Michael Edgar Goldstein, Jeffrey B. Goodman, Jason Scott Neu, William Reininger, & Joseph Patrick Hannan Disciplinary Decision
Aug 28, 1997 C05950018 In the Matter of District Business Conduct Committee For District No. 5 Complainant, v. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 28, 1997 C01950021 In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Aug 22, 1997 CMS920002 Warren R. Schreiber & Marian S. Gargano Disciplinary Decision
Aug 22, 1997 C8A960074 In the Matter of District Business Conduct Committee For District No. 8 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 12, 1997 CMS950129 Vladislav Steven Zubkis Disciplinary Decision
Aug 11, 1997 C01960005 Clyde Joseph Bruff Disciplinary Decision
Aug 5, 1997 C9A960002 Shamrock Partners, Ltd. & James T. Kelly Disciplinary Decision
Aug 5, 1997 C10950101 Forbes, Walsh, Kelly & Co., Inc., & Robert E. Kelly Disciplinary Decision
Aug 5, 1997 C10950101 In the Matter of District Business Conduct Committee For District No. 10 Complainant, v. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Jul 28, 1997 C9B950014 Michael R. Euripides Disciplinary Decision
Jul 25, 1997 C3B940028 Investment Management & Research, Inc., Milton Anthony Greene, Kenneth Craig Krull, & Michael John DiGirolamo Disciplinary Decision
Jul 3, 1997 C10930044 Leonard John Ialeggio Disciplinary Decision
Jun 5, 1997 CMS950087 Kevin Eric Shaughnessy Disciplinary Decision
Jan 1, 1997 SD97002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97003 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97009 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97005 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97010 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
SD-1750 NAC Statutory Disqualification Decision SD-1750 Statutory Disqualification, Approvals

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