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|
|Nov 15, 2000||C3A990067||Hearing Panel Decision as to Respondent||Redacted Decision|
|Aug 27, 2004||CAF030042||Hearing Panel Decision as to Respondent||Redacted Decision|
|Dec 22, 2003||03-03||Hearing Panel Decision as to Respondent||Redacted Decision|
|Aug 6, 2004||CLI030013||Hearing Panel Decision as to Respondent 1, 2, and 3||Redacted Decision|
|Aug 19, 2004||C01040001||Hearing Panel Decision as to Respondent IA and GH||Redacted Decision|
|Dec 6, 2000||CAF980002||Hearing Panel Decision as to Respondents John Fiero and Fiero Brothers, Inc.||Disciplinary Decision|
|Nov 1, 2012||2011025643201||Hearing Panel Decision Granting Department of Enforcement’s Motion for Summary Disposition in Department of Enforcement v. Ronald E. Walblay||Disciplinary Decision|
|Sep 19, 2011||2009019637001||Hearing Panel Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Thomas Thanh Doan||Disciplinary Decision|
|Feb 21, 2013||2011029760201||Hearing Panel Decision Granting in Part and Denying in Part the Parties’ Cross-Motions for Summary Disposition in Departement of Enforcement v. Charles Schwab & Company, Inc.||Disciplinary Decision|
|Jul 20, 2012||FPI110005||Hearing Panel Decision in Decision in Department of Enforcement v. Justin W. Keener||Expedited Decision, Rule 9550 Expedited Decisions|
|Mar 2, 2001||EQS000002||Hearing Panel Decision in Department of Enforcement v. A. G. Halvorson Securities Inc.||Expedited Decision, Rule 9540 Suspension Decisions|
|Apr 25, 2011||2007008239001||CALLED FOR REVIEW: Hearing Panel Decision in Department of Enforcement v. ACAP Financial, Inc. and Gary Hume||Disciplinary Decision|
|Jul 28, 2000||C8A980097||Hearing Panel Decision in Department of Enforcement v. Adam Galas, David, H. Shapiro, John J. Flynn, Protective Group Securities Corporation, and Michael F. Flannigan||Disciplinary Decision|
|Mar 3, 2011||2008012169101||Hearing Panel Decision in Department of Enforcement v. AIS Financial, Inc.||Disciplinary Decision|
|Mar 30, 2012||2008015934801||Hearing Panel Decision in Department of Enforcement v. Alan J. Davidofsky||Disciplinary Decision|
|Oct 18, 1999||C07990013||Hearing Panel Decision in Department of Enforcement v. Alberto E. Argomaniz||Disciplinary Decision|
|Oct 13, 2011||2007010398802||Hearing Panel Decision in Department of Enforcement v. Alexander H. McKinnis||Disciplinary Decision|
|Apr 15, 2013||2011030192201||Hearing Panel Decision in Department of Enforcement v. Alfred P. Reeves III||Disciplinary Decision|
|Feb 9, 2004||C02020057||Hearing Panel Decision in Department of Enforcement v. Alvin W. Gebhart, Jr. and Donna T. Gebhart||Disciplinary Decision|
|Dec 28, 2001||CMS000015||Hearing Panel Decision in Department of Enforcement v. Amr "Tony" Elgindy and Key West Securities, Inc.||Disciplinary Decision|
|Oct 22, 2012||2010025132201||Hearing Panel Decision in Department of Enforcement v. Amy Siesennop||Disciplinary Decision|
|Jun 5, 2003||C10020060||Hearing Panel Decision in Department of Enforcement v. Andrew Knight||Disciplinary Decision|
|Jun 29, 2004||C10030088||Hearing Panel Decision in Department of Enforcement v. Andrew P. Schneider||Disciplinary Decision|
|Mar 16, 2010||2007011250901||Hearing Panel Decision in Department of Enforcement v. Angela Dionne Reed||Disciplinary Decision|
|Mar 15, 2013||20080127674, 20080133768||Hearing Panel Decision in Department of Enforcement v. Angelo Xagoraris||Disciplinary Decision|