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.
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.||Title||Type|
|May 14, 2014||2011025674101||Shlomi S. Eplboim||Disciplinary Decision|
|May 9, 2014||2010023349601||APPEALED: Denise M. Olson||Disciplinary Decision|
|May 8, 2014||2012031142101||Hearing Panel Decision in Department of Enforcement v.John Allan Waldock, Jr.||Disciplinary Decision|
|May 7, 2014||SD-1757, SD-1758, & SD-1896||UBS Financial Services, Inc., and UBS Securities, LLC||Statutory Disqualification, Approvals|
|May 6, 2014||2010025181001||Hearing Panel Decision in Department of Enforcement v. John Vincent Ballard||Disciplinary Decision|
|May 2, 2014||2008012925001||APPEALED: The Dratel Group, Inc. and William M. Dratel||Disciplinary Decision|
|Apr 29, 2014||2011028061001||Hearing Panel Decision in Department of Enforcement v. Keilen Dimone Wiley||Disciplinary Decision|
|Apr 24, 2014||2011029760201||Charles Schwab & Company, Inc.||Disciplinary Decision|
|Apr 23, 2014||2011027993301||Hearing Panel Decision in Department of Enforcement v. Michael Earl McCune||Disciplinary Decision|
|Apr 14, 2014||SD-2030||George L. Prost with Intercoastal Capital Markets, Inc.||Statutory Disqualification, Approvals|
|Mar 28, 2014||2011025899601||Hearing Panel Decision in Department of Enforcement v. David Harari and Sian Harari||Disciplinary Decision|
|Mar 27, 2014||SD-1975||Patrick Dukette||Statutory Disqualification, Approvals|
|Mar 5, 2014||2009017527501||Steven R. Tomlinson||Disciplinary Decision|
|Mar 4, 2014||SD-2023||Joel E. Breiter with Oppenheimer & Co., Inc.||Statutory Disqualification, Approvals|
|Feb 25, 2014||2011025643201||Ronald E. Walblay||Disciplinary Decision|
|Feb 21, 2014||2011029152401||William Bruce Smith||Disciplinary Decision|
|Feb 20, 2014||2009018076101||Blair Alexander West||Disciplinary Decision|
|Feb 19, 2014||SD-1812||Mitchell T. Toland||Statutory Disqualification, Denials|
|Feb 14, 2014||2012032997201||Hearing Panel Decision in Department of Enforcement v. Stephen Grivas||Disciplinary Decision|
|Feb 7, 2014||2009017899801||Hearing Panel Decision in Department of Enforcement v. Rani T. Jarkas and William H. Carson||Disciplinary Decision|
|Jan 31, 2014||SD-1794||RBC Capital Markets, LLC||Statutory Disqualification|
|Jan 28, 2014||2011026664301||Amended Hearing Panel Decision in Department of Enforcement v. Gardnyr Michael Capital Inc. and Pfilip Gardnyr Hunt, Jr.||Disciplinary Decision|
|Jan 24, 2014||2010023218601||Order Denying Respondent’s Discovery Motions.||Disciplinary Order|
|Jan 23, 2014||2011029619301||Hearing Panel Decision in Department of Enforcement v. Kenny Akindemowo||Disciplinary Decision|
|Jan 21, 2014||2011029227701||Hearing Panel Decision in Department of Enforcement v. Kam Poi Yee||Disciplinary Decision|