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 Decisionsort ascending Proceeding No. Title Type
Feb 19, 2013 2011029152401 Hearing Panel Decision in Department of Enforcement v. William B. Smith Disciplinary Decision
Feb 15, 2013 2008014621701 Thomas Weisel Partners, LLC and Stephen H. Brinck, Jr. Disciplinary Decision
Feb 15, 2013 2007010580702 Dennis Thomas Palmeri, Jr. Disciplinary Decision
Feb 4, 2013 2009017439601 Timothy Joseph Golonka Disciplinary Decision
Jan 25, 2013 2009017798902 Extended Hearing Panel Decision in Depatment of Enforcement v. Respondent 1 and Respondent 2 Redacted Decision
Jan 18, 2013 2010023044101 Hearing Panel Decision in Department of Enforcement v. Jeffrey S. Geraci Disciplinary Decision
Jan 11, 2013 2009016764901 Hearing Panel Decision in Department of Enforcement v. Robert Durant Tucker Disciplinary Decision
Jan 4, 2013 FPI120005 Hearing Panel Decision in Department of Enforcement v. Gregory E. Goldstein Expedited Decision, Rule 9550 Expedited Decisions
Jan 4, 2013 2010023349601 Hearing Panel Decision in Department of Enforcement v. Denise M. Olson Disciplinary Decision
Jan 2, 2013 2009019108901 Order Denying Motion by Respondent 1 for an Extension of Time – Hearing Disciplinary Order
Jan 1, 2013 SD13001 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
Jan 1, 2013 SD13002 In the Matter of the Association of X as a General Securities Representative with The Sponsoring Firm Statutory Disqualification, Denials
Jan 1, 2013 SD13003 In the Matter of the Association of X as a Corporate Securities Limited Representative with The Sponsoring Firm Statutory Disqualification, Approvals
Jan 1, 2013 SD13004 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
Jan 1, 2013 SD13005 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
Dec 18, 2012 2009018068701 Harry W. Hunt Disciplinary Decision
Dec 17, 2012 2009020081301 Amended Hearing Panel Decision in Department of Enforcement v. William M. Somerindyke, Jr. and Respondent 2 Disciplinary Decision
Dec 12, 2012 2008011701203 Daniel James Gallagher Disciplinary Decision
Dec 10, 2012 2010023719601 Chad A. McCartney Disciplinary Decision
Dec 6, 2012 FPI120012 Hearing Panel Decision in Department of Enforcement v. Steven Barbot Expedited Decision, Rule 9550 Expedited Decisions
Nov 30, 2012 20100248883-01 Hearing Panel Decision in Department of Enforcement v. Richard N. Maruyama Disciplinary Decision
Nov 19, 2012 2009018377601 Hearing Panel Decision in Department of Enforcement v. Michael J. Binstock 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
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
Oct 25, 2012 2008016437801 Hearing Panel Decision in Department of Enforcement v. Hugh Vincent Murray III Disciplinary Decision

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