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 20, 2012 2010021916601 Joseph S. Amundsen Disciplinary Decision
Oct 25, 2012 2010022128301 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Aug 12, 2014 20100226015-01 Hearing Panel Decision in Department of Enforcement v. Jack Brian Weinstock Disciplinary Decision
Jul 21, 2016 2010022601501 Jack Brian Weinstock Disciplinary Decision
Apr 15, 2011 20100226181 NAC Redacted Membership Decision 20100226181 Membership Decision
Aug 24, 2016 20100226911-02 Bharminder Singh Disciplinary Decision
May 16, 2016 2010022977801 APPEALED: David B. Tysk Disciplinary Decision
Oct 13, 2014 2010022977801 Ameriprise Financial Services, Inc. and David B. Tysk Disciplinary Decision
Jan 18, 2013 2010023044101 Hearing Panel Decision in Department of Enforcement v. Jeffrey S. Geraci Disciplinary Decision
Jan 24, 2014 2010023218601 Order Denying Respondent’s Discovery Motions. Disciplinary Order
Jan 4, 2013 2010023349601 Hearing Panel Decision in Department of Enforcement v. Denise M. Olson Disciplinary Decision
May 9, 2014 2010023349601 APPEALED: Denise M. Olson Disciplinary Decision
Aug 30, 2012 2010023367001 Order Denying Respondent 1’s Motion to Compel Production of Withheld Documents Disciplinary Order
Sep 15, 2011 2010023719601 Hearing Panel Decision in Department of Enforcement v. Chad A. McCartney Disciplinary Decision
Dec 10, 2012 2010023719601 Chad A. McCartney Disciplinary Decision
Jun 3, 2014 2010023724601 David Kristian Evansen Disciplinary Decision
Jun 11, 2013 2010024062601 Hearing Panel Decision in Department of Enforcement v. Stephen Yarkpazuo Jensen Disciplinary Decision
Jul 18, 2013 2010024271001 Hearing Panel Decision in Department of Enforcement v. Levinski Dealexis Barnes Disciplinary Decision
Oct 17, 2012 2010024320101 Order to Provide Verification in Support of Request for Continuance of Hearing Disciplinary Order
Feb 26, 2013 2010024320101 Hearing Panel Decision in Department of Enforcement v. Timothy M. Wheeler Disciplinary Decision
Mar 23, 2016 2010024522103 APPEALED: Brett Ian Friedberg Disciplinary Decision
Feb 23, 2015 2010024522103 Order Denying Respondents’ Motion Pursuant to Rule 9251 Disciplinary Order
Apr 8, 2015 2010024522103 Order Denying Motion Pursuant to FINRA Rule 9234 Disciplinary Order
Mar 21, 2013 2010024837301 Hearing Panel Decision in Department of Enforcement v. Carlos Francisco Otalvaro Disciplinary Decision
Nov 30, 2012 20100248883-01 Hearing Panel Decision in Department of Enforcement v. Richard N. Maruyama Disciplinary Decision

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