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
May 25, 2005 C10030110 Ram Kapara Disciplinary Decision
Oct 5, 2015 2009017899801 APPEALED: Rani T. Jarkas Disciplinary Decision
Aug 5, 2014 2011027402201 CALLED FOR REVIEW: Raymond Thomas Clark Disciplinary Decision
Jan 31, 2014 SD-1794 RBC Capital Markets, LLC Statutory Disqualification
Jun 17, 2016 SD-2026 RBS Securities, Inc. Statutory Disqualification
Jul 21, 2011 200801201960 Rebecca Amy Reichman Disciplinary Decision
Feb 9, 2017 2013035344201 Red River Securities, LLC and Brian Keith Hardwick Disciplinary Decision
Apr 19, 2001 C8A990071 Respondent Firm 1, Respondent 2 & Respondent 3 Disciplinary Decision, Redacted Decision
Dec 6, 2010 20050007427 Respondent Firm and Respondent 2 Disciplinary Order
May 17, 2017 2012035284301 APPEALED: Richard A. McCollam Disciplinary Decision
Nov 3, 2014 20110273503 Richard A. McGuire Disciplinary Decision
Dec 17, 2015 20110273503 Richard A. McGuire Disciplinary Decision
Jan 7, 2011 2007009082902 Richard A. Neaton Disciplinary Decision
Nov 4, 2016 2013038986001 APPEALED: Richard A. Riemer, Jr. Disciplinary Decision
Oct 5, 2017 2013038986001 APPEALED: Richard Allen Riemer, Jr. Disciplinary Decision
Mar 17, 2015 2011027271901 Richard Blair Disciplinary Decision
Aug 4, 2006 CMS030182 Richard F. Kresge Disciplinary Decision
Oct 9, 2008 CMS030182 Richard F. Kresge Disciplinary Decision
Jun 5, 2015 20140407790-01 Richard Francis Kenny, Jr. Disciplinary Decision
May 10, 2010 2005003188901 Richard G. Cody Disciplinary Decision
Jun 10, 2016 2011030293503 APPEALED: Richard Gomez Disciplinary Decision
Jun 2, 2017 2014039091903 Richard Lim Disciplinary Decision
Oct 31, 1999 CAF980025 Richard Stephen Levitov & Ralph Joseph Angeline Disciplinary Decision
Jun 28, 2000 CAF970011 Richard Steven Levitov & Ralph Joseph Angeline Disciplinary Decision
Jul 1, 1998 C07970051 Richard Timothy Greene Disciplinary Decision

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