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
Nov 19, 1999 C8A990017 Hearing Panel Decision in Department of Enforcement v. David L. Foran Disciplinary Decision
Dec 4, 2003 C02030026 Hearing Panel Decision in Department of Enforcement v. David T. Kaagan Disciplinary Decision
Oct 4, 2011 2007008935010 Hearing Panel Decision in Department of Enforcement v. David Trende Disciplinary Decision
Aug 13, 2002 C07010100 Hearing Panel Decision in Department of Enforcement v. David William Haburjak Disciplinary Decision
Aug 11, 2003 C3B020015 Hearing Panel Decision in Department of Enforcement v. Davrey Financial Services, Inc., and Pravin R. Davrey Disciplinary Decision
Dec 30, 2003 C01020023 Hearing Panel Decision in Department of Enforcement v. Day International Securities, Douglas Conant Day, and Ronald Winston Wood Disciplinary Decision
Jun 7, 2004 CLI030011 Hearing Panel Decision in Department of Enforcement v. Demetrios Zouloufis Disciplinary Decision
Dec 15, 2008 2006006192901 Hearing Panel Decision in Department of Enforcement v. Denis William Kraemer, Jr. Disciplinary Decision
Jan 4, 2013 2010023349601 Hearing Panel Decision in Department of Enforcement v. Denise M. Olson Disciplinary Decision
Jan 13, 2000 C02990017 Hearing Panel Decision in Department of Enforcement v. Dennis Frank Riggi Disciplinary Decision
Jun 27, 2001 CAF000033 Hearing Panel Decision in Department of Enforcement v. Dennis Sturm Disciplinary Decision
Aug 14, 2007 2005001819101 Hearing Panel Decision in Department of Enforcement v. Domestic Securities, Inc. Disciplinary Decision
Jun 30, 1998 C01980001 Hearing Panel Decision in Department of Enforcement v. Donald Clewell Maier Disciplinary Decision
Jun 7, 2004 CAF020048 Hearing Panel Decision in Department of Enforcement v. Donner Corporation International (N.K.A. National Capital Securities, Inc.), Jeffrey L. Baclet, Vincent M. Uberti, and Paul A. Runyon Disciplinary Decision
Nov 24, 2003 C01020024 Hearing Panel Decision in Department of Enforcement v. Douglas Conant Day Disciplinary Decision
Oct 1, 2008 2006003995001 Hearing Panel Decision in Department of Enforcement v. Eddmon Mark Hodge Disciplinary Decision
Nov 13, 2008 2007009702901 Hearing Panel Decision in Department of Enforcement v. Edward D. Crary, Jr. Disciplinary Decision
May 14, 1998 C9B970016 Hearing Panel Decision in Department of Enforcement v. Edward Golick Disciplinary Decision
Jun 12, 2002 C8A010060 Hearing Panel Decision in Department of Enforcement v. Ellen M. Aleshire Disciplinary Decision
Feb 18, 2005 FPI040007 Hearing Panel Decision in Department of Enforcement v. Elliot M. Hershberg Expedited Decision, Rule 9540 Suspension Decisions
Mar 16, 2003 C9A020017 Hearing Panel Decision in Department of Enforcement v. Emanuel L. Sarris Disciplinary Decision
Oct 1, 2003 C9A030017 Hearing Panel Decision in Department of Enforcement v. Eric J. Laucius Disciplinary Decision
Feb 20, 2007 CLI050014 Hearing Panel Decision in Department of Enforcement v. Erik Matz Disciplinary Decision
May 13, 2009 2007010306901 Hearing Panel Decision in Department of Enforcement v. FCS Securities and Respondent 2 Disciplinary Decision
Aug 20, 2008 2006007101701 Hearing Panel Decision in Department of Enforcement v. Flavio G. Varone Disciplinary Decision

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