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Adjudications & Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement 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.


View All Adjudications & Decisions

Choose Year
Date of Decision Proceeding No. Title Type
January 01, 2004 SD04003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2004 SD04004 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04006 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04009 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04010 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04011 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2004 SD04012 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2004 SD04013 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04014 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04015 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04016 In the Matter of the Continued Membership of Firm 1 Redacted Decision, Statutory Disqualification, Other
December 30, 2003 C01020023 Hearing Panel Decision in Department of Enforcement v. Day International Securities, Douglas Conant Day, and Ronald Winston Wood Disciplinary Decision
December 30, 2003 C3A030017 Hearing Panel Decision in Department of Enforcement v. Fox & Company Investments, Inc. and James W. Moldermaker

Related Documents

Disciplinary Decision
December 29, 2003 C8B030012 Hearing Panel Decision in Department of Enforcement v. Mark F. Mizenko

Related Documents

Disciplinary Decision
December 22, 2003 03-03 Hearing Panel Decision as to Respondent Redacted Decision
December 15, 2003 C01020027 Hearing Panel Decision in Department of Enforcement v. Aurangzeb Rashid Pirzada Disciplinary Decision
December 15, 2003 C3A010045 Investment Management Corp. and Kevin D. Kunz Disciplinary Decision
December 15, 2003 C8A020014 Brad A. Roethlisberger Disciplinary Decision
December 10, 2003 C3A030001 Hearing Panel Decision in Department of Enforcement v. Berry-Shino Securities, Inc. and R. Matthew Shino Disciplinary Decision
December 05, 2003 C3A020013 Joseph J. Vastano, Jr. Disciplinary Decision
December 04, 2003 C02030026 Hearing Panel Decision in Department of Enforcement v. David T. Kaagan Disciplinary Decision
December 03, 2003 C01010009 Chris Dinh Hartley Disciplinary Decision
December 03, 2003 CMS030006 Hearing Panel Decision in Department of Enforcement v. Castle Securities Corp.

Related Documents

Disciplinary Decision