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 Decision Proceeding No. Titlesort descending Type
Jun 20, 2013 2009016034101 Hearing Panel Decision in Department of Enforcement v. Anthony A. Grey. Disciplinary Decision
Jun 28, 2013 2009018818101 Hearing Panel Decision in Department of Enforcement v. Anthony G. Manaia Disciplinary Decision
Sep 5, 2002 C02010041 Hearing Panel Decision in Department of Enforcement v. Anthony H. Barkate Disciplinary Decision
Sep 13, 2002 C06010025 Hearing Panel Decision in Department of Enforcement v. Arlie R. Horn, Jr. and Lindsay A. Byrum Disciplinary Decision
May 27, 2014 2011028003001 Hearing Panel Decision in Department of Enforcement v. Ashik Akberali Kapasi Disciplinary Decision
Dec 15, 2003 C01020027 Hearing Panel Decision in Department of Enforcement v. Aurangzeb Rashid Pirzada Disciplinary Decision
Feb 17, 2000 C10990024 Hearing Panel Decision in Department of Enforcement v. Averell Golub Disciplinary Decision
Sep 18, 2008 2007008812801 Hearing Panel Decision in Department of Enforcement v. Avidan Danny Fishman Disciplinary Decision
Dec 10, 2003 C3A030001 Hearing Panel Decision in Department of Enforcement v. Berry-Shino Securities, Inc. and R. Matthew Shino Disciplinary Decision
Jul 26, 2012 2009018076101 Hearing Panel Decision in Department of Enforcement v. Blair A. West Disciplinary Decision
Sep 28, 2012 2009019837302 Hearing Panel Decision in Department of Enforcement v. Blair C. Mielke, Frederick W. Shultz, Thomas J. Gorter and Michael L. Trier Disciplinary Decision
Mar 25, 2002 C8A010063 Hearing Panel Decision in Department of Enforcement v. Bobby R. Turner, Jr. Disciplinary Decision
Jan 30, 2003 C8A020014 Hearing Panel Decision in Department of Enforcement v. Brad A. Roethlisberger Disciplinary Decision
Mar 30, 2004 C01030030 Hearing Panel Decision in Department of Enforcement v. Brad Louis Zigler Disciplinary Decision
Jan 22, 2010 2008013087201 Hearing Panel Decision in Department of Enforcement v. Bradford Orosey Disciplinary Decision
Oct 7, 2002 C01010018 Hearing Panel Decision in Department of Enforcement v. Brendan Conley Walsh Disciplinary Decision
Mar 18, 2008 2006004992601 Hearing Panel Decision in Department of Enforcement v. Brent K. Deviney Disciplinary Decision
Aug 6, 2003 C9B020052 Hearing Panel Decision in Department of Enforcement v. Brian J. Clark Disciplinary Decision
Jul 12, 2007 E9A2004048801 Hearing Panel Decision in Department of Enforcement v. Brian J. Kelly Disciplinary Decision
Jul 8, 2003 C01020025 Hearing Panel Decision in Department of Enforcement v. Brookes McIntosh Bendetsen Disciplinary Decision
Dec 19, 2011 2007010158001 Hearing Panel Decision in Department of Enforcement v. CapWest Securities Inc. Disciplinary Decision
Mar 21, 2013 2010024837301 Hearing Panel Decision in Department of Enforcement v. Carlos Francisco Otalvaro Disciplinary Decision
Jun 24, 2011 2008011725901 Hearing Panel Decision in Department of Enforcement v. Carlos Francisco Otalvaro Disciplinary Decision
Oct 29, 1998 C3B980006 Hearing Panel Decision in Department of Enforcement v. Carlton Case Ellis Disciplinary Decision
Jun 19, 2007 20050025930 Hearing Panel Decision in Department of Enforcement v. Carolyn S. Everhard Disciplinary Decision

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