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.
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.||Title||Type|
|Jan 20, 2015||2011028647101||John Carris Investments, LLC, George Carris, Andrey Tkatchenko, Jason Barter, and Randy Heckler||Disciplinary Decision|
|Jan 9, 2015||20120334673-01||Department of Enforcement v. John Thomas Financial, Inc.||Disciplinary Decision|
|Dec 30, 2014||20080148227-02||Order Granting, in Part, and Denying in Part, Respondents 1, 4, 2’s Motions for More Definite Statement and Denying Respondent 3’s Motion for More Definite Statement||Disciplinary Order|
|Dec 30, 2014||2009020941801||APPEALED: Lek Securities Corporation and Samuel Frederik Lek||Disciplinary Decision|
|Dec 29, 2014||2009019108901||APPEALED: William Scholander and Talman Harris||Disciplinary Decision, Redacted Decision|
|Dec 22, 2014||SD-2042||Thomas Core with Aegis Capital Corp.||Statutory Disqualification, Approvals|
|Dec 22, 2014||2012034389202||APPEALED: Bernard G. McGee||Disciplinary Decision|
|Dec 18, 2014||SD1904, SD-1905, SD-1984||J.P. Morgan Securities, LLC||Statutory Disqualification, Approvals|
|Dec 17, 2014||SD-1802||Deutsche Bank Securities, Inc.||Statutory Disqualification|
|Dec 11, 2014||SD-1997||Ronald M. Berman||Statutory Disqualification, Denials|
|Dec 11, 2014||20070094044||APPEALED: Wedbush Securities, Inc. and Edward William Wedbush||Disciplinary Decision|
|Dec 10, 2014||2011025957702||Gary Giblen||Disciplinary Decision|
|Dec 10, 2014||2011026386001||Order Appointing Replacement Hearing Officer, Amending Caption, and Setting Hearing Dates||Disciplinary Order|
|Dec 8, 2014||2011030781201||Order (1) Denying Respondent’s Motion to Dismiss, (2) Granting in Part Enforcement’s Motion to Strike, and (3) Directing Respondent to File an Amended Answer||Disciplinary Order|
|Dec 2, 2014||2012030570301||Calvin B. Grigsby||Disciplinary Decision|
|Dec 1, 2014||2011025676501||Order Granting, In Part, Motion for More Definite Statement||Disciplinary Order|
|Nov 6, 2014||SD-2017||Piper Jaffray & Co.||Statutory Disqualification, Approvals|
|Nov 3, 2014||20110273503||Richard A. McGuire||Disciplinary Decision|
|Oct 13, 2014||2010022977801||Ameriprise Financial Services, Inc. and David B. Tysk||Disciplinary Decision|
|Oct 8, 2014||SD-1757, SD-1758, & SD-1896||UBS Financial Services, Inc., and UBS Securities, LLC||Statutory Disqualification, Approvals|
|Oct 8, 2014||2011030192201||APPEALED: Alfred P. Reeves, III||Disciplinary Decision|
|Oct 3, 2014||2009016034101||APPEALED: Anthony A. Grey||Disciplinary Decision|
|Oct 2, 2014||SD-1798||Wells Fargo Advisors, LLC||Statutory Disqualification, Approvals|
|Oct 2, 2014||20130379350||APPEALED: Bering Strait Securities, Inc.||Membership Decision|
|Sep 30, 2014||2012032519101||Order Denying Respondent’s Motion for Production of Documents||Disciplinary Order|