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.sort ascending Title Type
Aug 28, 2006 E8A2004095901 Hearing Panel Decision in Department of Enforcement vs. Jason A. Craig Disciplinary Decision
Jul 6, 2009 E8A2004072203 Hearing Panel Decision in Department of Enforcement v. Jonathan M. Skiba Disciplinary Decision
Apr 23, 2010 E8A2004072203 Jonathan M. Skiba Disciplinary Decision
Jan 10, 2006 E8A2004065102 Order Requiring Respondent to Supplement His Rule 9252 Request Disciplinary Order
Aug 16, 2006 E8A2004065102 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Aug 13, 2008 E8A2003091501 Roy M. Strong Disciplinary Decision
May 18, 2007 E8A2003091501 Hearing Panel Decision in Department of Enforcement v. Roy M. Strong Disciplinary Decision
Sep 28, 2006 E8A2003091501 Order Granting Motion for to Permit Certain Witnesses to Have Counsel Present Disciplinary Order
Feb 6, 2008 E8A2003084806 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Dec 28, 2006 E8A2003084806 Order Granting Complainant's Motion in Limine Disciplinary Order
Jan 12, 2006 E8A2003080701 Order Denying Respondent's Motion for Discovery Disciplinary Order
Jul 21, 2006 E8A2003080701 Hearing Panel Decision in Department of Enforcement vs. Robert E. Elkins Disciplinary Decision
Apr 28, 2007 E8A2003062001 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Jul 27, 2007 E8A2002109804 Hearing Panel Decision in Department of Enforcement v. Joseph A. Zaragoza Disciplinary Decision
Aug 20, 2008 E8A2002109804 Joseph A. Zaragoza Disciplinary Decision
Feb 22, 2007 E8A2002109804 Order Granting the Parties' Motions for Telephone Testimony and Deferring Ruling on Respondent's Objection to Enforcement's Proposed Exhibit CX-7 Disciplinary Order
Feb 1, 2007 E3A20050065 Order Regarding Respondent's Pre-Hearing Submissions Disciplinary Order
Sep 22, 2009 E3A20050037-02 Hearing Panel Decision in Department of Enforcement v. R. Matthew Shino Disciplinary Decision
Aug 8, 2008 E3A20030495-01 Order Denying Respondent's Motion to Dismiss the Complaint Disciplinary Order
May 15, 2008 E112005002003 Hearing Panel Decision in Department of Enforcement v. StoneGate Partners, LLC and Brian W. Bernier Disciplinary Decision
Aug 16, 2007 E112005002003 Order Denying Respondents' Motion to Compel Identification and Production of Withheld Documents Disciplinary Order
Aug 15, 2008 E1020040926-01 America First Associates Corp. and Joseph Ricupero Disciplinary Decision
Apr 12, 2007 E1020040926-01 Hearing Panel Decision in Department of Enforcement v. Respondents Redacted Decision
Nov 7, 2006 E1020040926-01 Order Precluding the Respondents from Presenting Witnesses at the Hearing, Other Than Respondent 2 Disciplinary Order
Apr 17, 2006 E1020040926-01 Order Directing the Respondents to File a Proper Answer to the Complaint Disciplinary Order

Pages