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
Jan 25, 2013 2009017798902 Extended Hearing Panel Decision in Depatment of Enforcement v. Respondent 1 and Respondent 2 Redacted Decision
Oct 5, 2015 2009017899801 APPEALED: Rani T. Jarkas Disciplinary Decision
Feb 7, 2014 2009017899801 Hearing Panel Decision in Department of Enforcement v. Rani T. Jarkas and William H. Carson Disciplinary Decision
May 10, 2012 2009017918001 Hearing Panel Decision in Department of Enforcement v. John D. Rausch Disciplinary Decision
Oct 17, 2011 2009018068701 Hearing Panel Decision in Department of Enforcement v. Harry W. Hunt Disciplinary Decision
Dec 18, 2012 2009018068701 Harry W. Hunt Disciplinary Decision
Jul 26, 2012 2009018076101 Hearing Panel Decision in Department of Enforcement v. Blair A. West Disciplinary Decision
Feb 20, 2014 2009018076101 Blair Alexander West Disciplinary Decision
Sep 28, 2010 20090182345 In the Matter of the New Membership Application of Firm A Membership Decision
Nov 19, 2012 2009018377601 Hearing Panel Decision in Department of Enforcement v. Michael J. Binstock Disciplinary Decision
Dec 31, 2013 2009018771602 Robert H. Watkins Disciplinary Decision
Oct 12, 2012 2009018771602 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Mar 14, 2012 2009018771602 Order Denying Respondent’s Motion to Present Expert Witness Disciplinary Order
Jun 28, 2013 2009018818101 Hearing Panel Decision in Department of Enforcement v. Anthony G. Manaia Disciplinary Decision
Dec 6, 2011 2009018819001 Extended Hearing Panel Decision in Department of Enforcement v. Nicholas D. Skaltsounis, Respondent 2, and John B. Guyette Disciplinary Decision
Feb 23, 2012 2009018944001 Hearing Panel Decision in Department of Enforcement v. Daniel Edward Becerril, II Disciplinary Decision
Aug 11, 2014 2009019042402 Extended Hearing Panel Decision in Department of Enforcement v. James E. Rooney, Jr. Disciplinary Decision
Jun 3, 2013 2009019042402 Order Denying Respondent’s Motion to Disqualify Josefina Martinez and Motion to Compel Testimony and Production of Documents by Josefina Martinez Disciplinary Order
Dec 29, 2014 2009019108901 APPEALED: William Scholander and Talman Harris Disciplinary Decision, Redacted Decision
Nov 5, 2013 2009019108901 Hearing Panel Decision in Department of Enforcement v. William Scholander and Talman Harris Disciplinary Decision
Jan 2, 2013 2009019108901 Order Denying Motion by Respondent 1 for an Extension of Time – Hearing Disciplinary Order
Sep 22, 2011 20090192254 Memorandum Opinion and Order Denying Respondent’s Motion to Set Aside Default Decision Disciplinary Order
Apr 2, 2012 2009019297801 Hearing Panel Decision in Department of Enforcement v. Dame Cisse Disciplinary Decision
Jun 14, 2012 2009019369302 Amended Hearing Panel Decision in Department of Enforcement v. Jeff Ng Disciplinary Decision
Apr 24, 2013 2009019369302 Jeff Ng Disciplinary Decision

Pages