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
Sep 19, 2011 2009019637001 Hearing Panel Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Thomas Thanh Doan Disciplinary Decision
Nov 30, 2010 20090196759 NAC Redacted Membership Decision 20090196759 Membership Decision
Jul 18, 2014 2009019837302 APPEALED: Blair C. Mielke and Frederick W. Shultz Disciplinary Decision
Sep 28, 2012 2009019837302 Hearing Panel Decision in Department of Enforcement v. Blair C. Mielke, Frederick W. Shultz, Thomas J. Gorter and Michael L. Trier Disciplinary Decision
Dec 17, 2012 2009020081301 Amended Hearing Panel Decision in Department of Enforcement v. William M. Somerindyke, Jr. and Respondent 2 Disciplinary Decision
Jul 8, 2014 2009020465801 Hearing Panel Decision in Department of Enforcement v. Keith D. Geary Disciplinary Decision
Jul 20, 2016 2009020465801 APPEALED: Keith D. Geary Disciplinary Decision
Nov 8, 2013 20090207019-01 Hearing Panel Decision in Department of Enforcement v. Respondent. Redacted Decision
Aug 7, 2015 20090208031-02 Paul Charles Dotson Disciplinary Decision
Dec 30, 2014 2009020941801 APPEALED: Lek Securities Corporation and Samuel Frederik Lek Disciplinary Decision
Oct 11, 2016 2009020941801 APPEALED: Lek Securities Corporation Disciplinary Decision
Dec 12, 2013 20090209629-01 Hearing Panel Decision in Department of Enforcement v. Jason Blum Disciplinary Decision
Nov 9, 2012 2010020846601 Order Granting Enforcement’s Motion to Offer Expert Testimony and Respondent’s Motion to Allow Expert Testimony Disciplinary Order
Apr 27, 2016 2010020954501 APPEALED: Meyers Associates, L.P., Bruce Meyers, and Imtiaz A. Khan Disciplinary Decision
Jan 4, 2018 2010020954501 Meyers Associates, L.P. (n/k/a Windsor Street Capital, L.P.) and Bruce Meyers Disciplinary Decision
Jun 1, 2011 2010021196801 Order Regarding Respondent’s Motion to Stay Disciplinary Order
Jul 21, 2014 2010021303301 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Mar 29, 2012 2010021303301 Hearing Panel Decision in Department of Enforcement v. North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jul 9, 2012 20100214065-01 Hearing Panel Decision in Department of Enforcement v. Michael A. McIntyre Disciplinary Decision
Oct 22, 2015 20100215720-01 eBX, LLC Disciplinary Decision
Mar 19, 2015 20100215720-01 Order Denying Respondent’s Motion for Permission to Seek Additional Party Discovery Disciplinary Order
May 20, 2014 2010021621201 Michael Pino Disciplinary Decision
Mar 15, 2013 2010021621201 Hearing Panel Decision in Department of Enforcement v. Michael Pino Disciplinary Decision
Oct 29, 2011 2010021627601 Amended Hearing Panel Decision in Department of Enforcement v. Timothy L. Pittman Disciplinary Decision
Dec 30, 2011 2010021916601 Hearing Panel Decision in Department of Enforcement v. Joseph S. Amundsen Disciplinary Decision

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