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.
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.||Title||Type|
|Mar 24, 2016||SD-MCDC-059 et al||Barclays Capital Inc., Hilltop Securities, Inc., Jefferies LLC||Statutory Disqualification, Approvals|
|Mar 25, 2016||2015044379701||Order Denying Rule 9252 Request||Disciplinary Order|
|Mar 30, 2016||2013036681701||Order Granting Enforcement’s Motion for Leave to Withhold Documents From Discovery.||Disciplinary Order|
|Apr 4, 2016||20120320803-01||APPEALED: Peter J. Auzers and Shiva Naby||Disciplinary Decision|
|Apr 6, 2016||SD-2010||Michael C. Furman with Citigroup Global Markets, Inc.||Statutory Disqualification, Approvals|
|Apr 18, 2016||2011027007901||APPEALED: Shashishekhar Doni||Disciplinary Decision|
|Apr 27, 2016||2010020954501||APPEALED: Meyers Associates, L.P., Bruce Meyers, and Imtiaz A. Khan||Disciplinary Decision|
|May 2, 2016||2014040968501||APPEALED: Ahmed Gadelkareem||Disciplinary Decision|
|May 9, 2016||SD-2069||APPEALED: Bruce Meyers with Meyers Associates, L.P.||Statutory Disqualification, Denials|
|May 16, 2016||2010022977801||APPEALED: David B. Tysk||Disciplinary Decision|
|May 20, 2016||2013038333001||Order Denying Respondent’s Motion for Request for Documents and Information||Disciplinary Order|
|May 20, 2016||SD-2027||APPEALED: Christopher Cota with Capital Financial Services, Inc.||Statutory Disqualification, Denials|
|May 24, 2016||2014043020901||Order Ruling on Witness Objections||Disciplinary Order|
|Jun 3, 2016||2013035211801||APPEALED: David A. Elgart||Disciplinary Decision|
|Jun 3, 2016||2012030731802||APPEALED: William H. Murphy & Co., Inc. and William H. Murphy||Disciplinary Decision|
|Jun 8, 2016||SD-2088||James D. Goodland with Spire Securities LLC||Statutory Disqualification, Approvals|
|Jun 10, 2016||2011030293503||APPEALED: Richard Gomez||Disciplinary Decision|
|Jun 17, 2016||SD-2026||RBS Securities, Inc.||Statutory Disqualification|
|Jun 28, 2016||2013038418201||Joseph N. Barnes, Sr.||Disciplinary Decision|
|Jul 11, 2016||FPI160004||Fairbridge Capital Markets||Expedited Decision|
|Jul 15, 2016||SD-2096||Louis A. Woolf with Voya Financial Advisors, Inc.||Statutory Disqualification, Approvals|
|Jul 18, 2016||2012034389202||APPEALED: Bernard G. McGee||Disciplinary Decision|
|Jul 18, 2016||2012033351801||Paolo Franca Iida||Disciplinary Decision|
|Jul 19, 2016||2011028502101||North Woodward Financial Corp. and Douglas A. Troszak||Disciplinary Decision|
|Jul 20, 2016||2009020465801||APPEALED: Keith D. Geary||Disciplinary Decision|