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. Titlesort descending Type
Dec 21, 2005 C01050008 Hearing Panel Decision as to Respondent Redacted Decision
Jan 30, 2001 C07000023 Hearing Panel Decision as to Respondent Redacted Decision
Sep 8, 2003 03-02 Hearing Panel Decision as to Respondent Redacted Decision
Jul 6, 2001 C9B000013 Hearing Panel Decision as to Respondent Redacted Decision
Sep 17, 2004 C01040003 Hearing Panel Decision as to Respondent Redacted Decision
Jul 3, 2000 C9B990019 Hearing Panel Decision as to Respondent Redacted Decision
Aug 6, 2004 CMS030257 Hearing Panel Decision as to Respondent Redacted Decision
Feb 15, 2002 C01010003 Hearing Panel Decision as to Respondent Redacted Decision
Mar 20, 2001 C10000102 Hearing Panel Decision as to Respondent Redacted Decision
Nov 15, 2001 C07010010 Hearing Panel Decision as to Respondent Redacted Decision
Dec 22, 2003 03-03 Hearing Panel Decision as to Respondent Redacted Decision
Aug 6, 2004 CLI030013 Hearing Panel Decision as to Respondent 1, 2, and 3 Redacted Decision
Aug 19, 2004 C01040001 Hearing Panel Decision as to Respondent IA and GH Redacted Decision
Dec 6, 2000 CAF980002 Hearing Panel Decision as to Respondents John Fiero and Fiero Brothers, Inc. Disciplinary Decision
Nov 1, 2012 2011025643201 Hearing Panel Decision Granting Department of Enforcement’s Motion for Summary Disposition in Department of Enforcement v. Ronald E. Walblay Disciplinary Decision
Sep 19, 2011 2009019637001 Hearing Panel Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Thomas Thanh Doan Disciplinary Decision
Feb 21, 2013 2011029760201 Hearing Panel Decision Granting in Part and Denying in Part the Parties’ Cross-Motions for Summary Disposition in Departement of Enforcement v. Charles Schwab & Company, Inc. Disciplinary Decision
Jul 20, 2012 FPI110005 Hearing Panel Decision in Decision in Department of Enforcement v. Justin W. Keener Expedited Decision, Rule 9550 Expedited Decisions
Mar 2, 2001 EQS000002 Hearing Panel Decision in Department of Enforcement v. A. G. Halvorson Securities Inc. Expedited Decision, Rule 9540 Suspension Decisions
Apr 25, 2011 2007008239001 CALLED FOR REVIEW: Hearing Panel Decision in Department of Enforcement v. ACAP Financial, Inc. and Gary Hume Disciplinary Decision
Jul 28, 2000 C8A980097 Hearing Panel Decision in Department of Enforcement v. Adam Galas, David, H. Shapiro, John J. Flynn, Protective Group Securities Corporation, and Michael F. Flannigan Disciplinary Decision
Mar 3, 2011 2008012169101 Hearing Panel Decision in Department of Enforcement v. AIS Financial, Inc. Disciplinary Decision
Mar 30, 2012 2008015934801 Hearing Panel Decision in Department of Enforcement v. Alan J. Davidofsky Disciplinary Decision
Oct 18, 1999 C07990013 Hearing Panel Decision in Department of Enforcement v. Alberto E. Argomaniz Disciplinary Decision
Oct 13, 2011 2007010398802 Hearing Panel Decision in Department of Enforcement v. Alexander H. McKinnis Disciplinary Decision

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