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
Jan 1, 1999 SD99020 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99022 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99024 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99025 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99011 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1999 SD99013 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1999 SD99018 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1999 SD99023 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1999 SD99026 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1999 SD99001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 6, 1999 CAF980002 Order Denying "Notice of Objection to Order" and Rejecting "Response to Order to Show Cause" of Respondents Disciplinary Order
Jan 13, 1999 C9B960032 Brian D. Angiuli Disciplinary Decision
Jan 13, 1999 C10970003 Donald Clyde Bozzi Disciplinary Decision
Jan 13, 1999 C8A970070 Theodore L. Pittman, III Disciplinary Decision
Jan 20, 1999 C10960047 Jawahar K. Doshi Disciplinary Decision
Jan 20, 1999 C9A980020 Hearing Panel Decision in Department of Enforcement v. Sturdivant & Company, Inc., Harvey R. deKrafft, and Albert A. Sturdivant Disciplinary Decision
Jan 21, 1999 C3B960026 Gerald Cash McNeil Disciplinary Decision
Jan 22, 1999 C8A960063 Keith L. Mohn Disciplinary Decision
Jan 26, 1999 C3A970026 In the Matter of District Business Conduct Committee For District No. 3 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision

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