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 descending Title Type
May 15, 2009 2007007682501 Hearing Panel Decision in Department of Enforcement v. Jereis Khawaja Disciplinary Decision
Jun 20, 2008 20070077587 Hearing Panel Decision in Department of Enforcement v. Matthew S. Kaplan Disciplinary Decision
Oct 31, 2007 20070077587 Order Resolving Certain Pre-Hearing Motions Disciplinary Order
Feb 29, 2008 20070077587 Rulings on Pre-Hearing Motions and Notice of Hearing Disciplinary Order
Sep 14, 2012 2007007792902 Edward S. Brokaw Disciplinary Decision
Jun 11, 2010 2007007792902 Extended Hearing Panel Decision in Department of Enforcement v. Edward S. Brokaw Disciplinary Decision
May 4, 2010 2007007989901 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Apr 21, 2009 2007008128901 Hearing Panel Decision in Department of Francis M. Evans Disciplinary Decision
Jul 2, 2012 20070082049 Hearing Panel Decision in Department of Market Regulation v. Robert Marcus Lane and Jeffrey Griffin Lane Disciplinary Decision
Dec 26, 2013 20070082049 Robert Marcus Lane and Jeffrey G. Lane Disciplinary Decision
Sep 26, 2012 2007008239001 ACAP Financial Inc. and Gary Hume Disciplinary Decision
Apr 25, 2011 2007008239001 CALLED FOR REVIEW: Hearing Panel Decision in Department of Enforcement v. ACAP Financial, Inc. and Gary Hume Disciplinary Decision
Oct 15, 2010 2007008358101 Vincent P. McCrudden Disciplinary Decision
Oct 15, 2009 2007008358101 Hearing Panel Decision in Department of Enforcement v. Vincent P. McCrudden Disciplinary Decision
May 8, 2009 2007008370701 Hearing Panel Decision in Department of Enforcement v. Scott R. Tischler Disciplinary Decision
Dec 6, 2007 20070086505-01 Order to Show Cause Disciplinary Order
Jun 8, 2012 2007008724701 Amended Hearing Panel Decision in Department of Enforcement v. Randy Carlson Disciplinary Decision
Sep 18, 2008 2007008812801 Hearing Panel Decision in Department of Enforcement v. Avidan Danny Fishman Disciplinary Decision
Oct 4, 2011 2007008935010 Hearing Panel Decision in Department of Enforcement v. David Trende Disciplinary Decision
Jan 7, 2011 2007009082902 Richard A. Neaton Disciplinary Decision
Jun 5, 2009 2007009082902 Hearing Panel Decision in Department of Enforcement v. Richard A. Neaton Disciplinary Decision
Oct 21, 2010 2007009181101 Hearing Panel Decision in Department of Enforcement v. Dallas R. Seagraves, II Disciplinary Decision
Jun 24, 2015 20070092503-01 Robin Maranda Oscher Disciplinary Decision
Apr 4, 2013 20070094013 Extended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Apr 14, 2010 2007009403801 Hearing Panel Decision in Department of Enforcement v. Stephen W. Wilson Disciplinary Decision

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