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 ascending Type
Dec 17, 2012 2009020081301 Amended Hearing Panel Decision in Department of Enforcement v. William M. Somerindyke, Jr. and Respondent 2 Disciplinary Decision
Oct 29, 2011 2010021627601 Amended Hearing Panel Decision in Department of Enforcement v. Timothy L. Pittman Disciplinary Decision
Sep 19, 2013 2009016317701 Amended Hearing Panel Decision in Department of Enforcement v. The Dratel Group, Inc. and William M. Dratel Disciplinary Decision
Jan 29, 2009 2005003188901 Amended Hearing Panel Decision in Department of Enforcement v. Richard G. Cody Disciplinary Decision
Aug 13, 2013 2009016159102 Amended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Jun 8, 2012 2007008724701 Amended Hearing Panel Decision in Department of Enforcement v. Randy Carlson Disciplinary Decision
Dec 13, 2011 2008011762801 Amended Hearing Panel Decision in Department of Enforcement v. Mitchell Fillet Disciplinary Decision
Mar 4, 2013 2008013864401 Amended Hearing Panel Decision in Department of Enforcement v. Michael Jennings, Brian Mulvey and Respondent 3 Disciplinary Decision
May 21, 1999 C3A980069 Amended Hearing Panel Decision in Department of Enforcement v. Michael A. Usher Disciplinary Decision
Aug 6, 2010 2005001988201 Amended Hearing Panel Decision in Department of Enforcement v. Mark B. Beloyan and Tradespot Markets, Inc. Disciplinary Decision
Jan 4, 2011 20060052598-01 CALLED FOR REVIEW: Amended Hearing Panel Decision in Department of Enforcement v. John Joseph Plunkett Disciplinary Decision
Jun 14, 2012 2009019369302 Amended Hearing Panel Decision in Department of Enforcement v. Jeff Ng Disciplinary Decision
Sep 19, 2013 2011025957702 Amended Hearing Panel Decision in Department of Enforcement v. Gary Mark Giblen Disciplinary Decision
Jan 28, 2014 2011026664301 Amended Hearing Panel Decision in Department of Enforcement v. Gardnyr Michael Capital Inc. and Pfilip Gardnyr Hunt, Jr. Disciplinary Decision
May 21, 2010 20070094468 Amended Hearing Panel Decision in Department of Enforcement v. Dirk Allen Taylor Disciplinary Decision
Jul 14, 2009 2007010450601 Amended Hearing Panel Decision in Department of Enforcement v. Dennis Brown Disciplinary Decision
Mar 9, 2012 20080117243 Amended Hearing Panel Decision in Department of Enforcement v. Christopher Robert Ranni Disciplinary Decision
May 12, 2009 2005000075703 Amended Extended Hearing Panel Decision in Department of Enforcement v. Midas Securities LLC, World Trade Financial Corporation, Jason Troy Adams, Frank Edward Brickell, Jay S. Lee and Rodney Preston Michel Disciplinary Decision
Sep 1, 2011 20070072538-03 Amended Extended Hearing Panel Decision in Department of Enforcement v. Max International Broker-Dealer, Corp. Disciplinary Decision
May 12, 2009 2005000879302 Amended Extended Hearing Panel Decision in Department of Enforcement v. Legacy Trading Co., LLC and Mark Uselton Disciplinary Decision
Mar 19, 2009 2005003295801 Amended Extended Hearing Panel Decision in Department of Enforcement v. Andrew W. Quinn Disciplinary Decision
May 24, 2005 C02020057 Alvin W. Gebhart, Jr. and Donna T. Gebhart Disciplinary Decision
Aug 17, 1998 C07970022 Allen R. Prewitt Disciplinary Decision
May 3, 2017 2014043001601 APPEALED: Allen B. Holeman Disciplinary Decision
Oct 8, 2014 2011030192201 APPEALED: Alfred P. Reeves, III Disciplinary Decision

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