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 Decisionsort descending Proceeding No. Title Type
Nov 11, 1998 C8A960094 Norman M. Merz Disciplinary Decision
Nov 13, 1998 C02960024 James Basil Peters Disciplinary Decision
Nov 17, 1998 C02980025 Order and Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Roger Harry Chlowitz Disciplinary Decision
Nov 18, 1998 C01960020 Daniel Wright Sisson Disciplinary Decision
Nov 24, 1998 C06980015 Order and Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Terry Don Rader Disciplinary Decision
Dec 1, 1998 C10980025 Hearing Panel Decision in Department of Enforcement v. Kory E. Guglielminetti Disciplinary Decision
Dec 2, 1998 C8A980012 Department of Enforcement, Complainant v. Respondent Redacted Decision
Dec 2, 1998 C06980021 Order Denying in Part and Granting in Part Respondent's Motion to Stay Default Decision, for an Extension of Time to File Answer, and for Extension of Time to Comply with Request for Information Disciplinary Order
Dec 11, 1998 ARB980009 Non-Summary Suspension Proceeding ARB980009 Expedited Decision, Non-Summary Proceeding
Dec 14, 1998 C10980041 Hearing Panel Decision in Department of Enforcement v. Harold Lee Jenkins Disciplinary Decision
Dec 15, 1998 C9A980021 Hearing Panel Decision in Department of Enforcement v. Robert J. Kendzierski Disciplinary Decision
Dec 15, 1998 CAF980014 Order and Decision Granting Department of Enforcement's Motion for Summary Disposition in Department of Enforcement v. Michael Ploshnick Disciplinary Decision
Dec 15, 1998 ARB980006 Non-Summary Suspension Proceeding ARB980006 Expedited Decision, Non-Summary Proceeding
Dec 21, 1998 CAF980025 Order Granting Partial Summary Disposition in Favor of the Department of Enforcement and Continuing This Proceeding for Hearing on Sanctions Disciplinary Order
Dec 22, 1998 C10960149 Andrew Fensmark Harris Disciplinary Decision
Dec 22, 1998 C9A980032 Order Denying Respondent's Motion to Dismiss for Lack of Jurisdiction Disciplinary Order
Dec 23, 1998 C8A980045 Hearing Panel Decision Redacted Decision
Jan 1, 1999 SD99008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99009 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99012 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99014 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99015 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99016 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99017 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99019 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals

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