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Adjudications & Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement 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.


View All Adjudications & Decisions

Choose Year
Date of Decision Proceeding No. Title Type
April 18, 2006 ARB060010 Order Dismissing Request for Hearing Expedited Order
April 17, 2006 CLI050016 Hearing Panel Decision in Department of Enforcement vs. Frank P. Grasso Disciplinary Decision
April 17, 2006 E0220030425-01 Order Denying Respondent's Motion to Disqualify Expert Witness

Related Documents

Disciplinary Order
April 17, 2006 E1020040926-01 Order Directing the Respondents to File a Proper Answer to the Complaint

Related Documents

Disciplinary Order
April 12, 2006 CLG050021 Order Partially Granting the Complainant's Motion to Disqualify Expert Witness Disciplinary Order
April 05, 2006 DFC050011 Decision in NASD Treasurer v. Lee Fisher Expedited Decision, Rule 9550 Expedited Decisions
March 23, 2006 CLI050007 Order Precluding Evidence and Denying Respondent's Motion to Continue Hearing Disciplinary Order
March 23, 2006 E102003130804 Order Regarding Respondent's Pre-Hearing Submissions Disciplinary Order
March 15, 2006 C05020055 Hearing Panel Decision in Department of Enforcement vs. Michael F. Siegel

Related Documents

Disciplinary Decision
March 15, 2006 CLG050021 Order Denying Complainant's Motion to Continue Hearing Disciplinary Order
March 15, 2006 E0220030425-01 Order Granting the Parties' Motions for Leave to Introduce Testimony of Handwriting Experts and Denying Respondent's Motion to Introduce Testimony of a Polygraph Examiner

Related Documents

Disciplinary Order
March 12, 2006 CAF040079 Order Denying Respondent's Motion for Summary Disposition Disciplinary Order
March 09, 2006 CAF020048 Vincent M. Uberti Disciplinary Decision
March 09, 2006 CAF040079 Order Granting Enforcement's Motion for Witness Sequestration Disciplinary Order
March 08, 2006 CAF040079 Order Granting Enforcement's Motion to Offer Testimony Via Telephone Disciplinary Order
March 07, 2006 CLG050048 Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
March 03, 2006 CAF030014 ; CALLED FOR REVIEW: Extended Hearing Panel Decision in Department of Enforcement v. Respondent

Related Documents

Redacted Decision
March 03, 2006 E9B2003033501 Order Sustaining Complainant's Objections to Respondent's Expert Witness Designation and Report Disciplinary Order
March 03, 2006 CLG050049 Hearing Panel Decision in Department of Market Regulation vs. Shawn E. Aaron Disciplinary Decision
March 02, 2006 C9B020032 Rooney A. Sahai Disciplinary Decision
March 01, 2006 C04050005 Hearing Panel Decision in Department of Enforcement vs. Robert E. Strong

Related Documents

Disciplinary Decision
February 23, 2006 C01040010 Patrick Orvil Nugent Disciplinary Decision
February 21, 2006 C9B030076 Raghavan Sathianathan Disciplinary Decision
February 10, 2006 C04050014 Hearing Panel Decision in Department of Enforcement vs. Dennis P. Cooper

Related Documents

Disciplinary Decision
February 10, 2006 C07040042 Hearing Panel Decision in Department of Enforcement vs. John D. Kaweske

Related Documents

Disciplinary Decision