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
Sep 28, 2012 2008012925001 Extended Hearing Panel Decision in Department of Enforcement v. The Dratel Group, Inc. and William M. Dratel 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
Sep 26, 2012 2007008239001 ACAP Financial Inc. and Gary Hume Disciplinary Decision
Sep 20, 2012 2010021916601 Joseph S. Amundsen Disciplinary Decision
Sep 18, 2012 2008014015901 Hearing Panel Decision in Department of Enforcement v. Jeremy D. Hare Disciplinary Decision
Sep 14, 2012 2007007792902 Edward S. Brokaw Disciplinary Decision
Aug 30, 2012 2010023367001 Order Denying Respondent 1’s Motion to Compel Production of Withheld Documents Disciplinary Order
Aug 28, 2012 2008013863702 Extended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Aug 23, 2012 2008015617902 Hearing Panel Decision in Department of Enforcement v. Thomas H. Morrow Disciplinary Decision
Aug 2, 2012 20070094044 Extended Hearing Panel Decision in Department of Enforcement v. Wedbush Securities Inc. and Edward W. Wedbush Disciplinary Decision
Aug 1, 2012 2006005786501 Joseph A. Padilla and Andrea M. Ritchie(f/k/a Andrea M. Bruno) Disciplinary Decision
Jul 26, 2012 2008015105601 Nolan Wayne Moore Disciplinary Decision
Jul 26, 2012 2009018076101 Hearing Panel Decision in Department of Enforcement v. Blair A. West Disciplinary Decision
Jul 20, 2012 FPI110005 Hearing Panel Decision in Decision in Department of Enforcement v. Justin W. Keener Expedited Decision, Rule 9550 Expedited Decisions
Jul 9, 2012 20100214065-01 Hearing Panel Decision in Department of Enforcement v. Michael A. McIntyre Disciplinary Decision
Jul 6, 2012 2010024889501 Order Granting Department of Enforcement’s Motion Regarding Sequestration of FINRA Staff Witnesses Disciplinary Order
Jul 2, 2012 20070082049 Hearing Panel Decision in Department of Market Regulation v. Robert Marcus Lane and Jeffrey Griffin Lane Disciplinary Decision
Jun 14, 2012 2009019369302 Amended Hearing Panel Decision in Department of Enforcement v. Jeff Ng Disciplinary Decision
Jun 8, 2012 2007008724701 Amended Hearing Panel Decision in Department of Enforcement v. Randy Carlson Disciplinary Decision
May 31, 2012 2007011413501 Extended Hearing Panel Decision in Department of Enforcement v. Brookstone Securities, Inc., Antony Lee Turbeville, Christopher Dean Kline, and David William Locy Disciplinary Decision
May 10, 2012 2009017918001 Hearing Panel Decision in Department of Enforcement v. John D. Rausch Disciplinary Decision
May 3, 2012 20060053785-02 Hearing Panel Decision in Department of Market Regulation v. Robert N. Drake Disciplinary Decision
May 2, 2012 2007007151101 Merrimac Corporate Securities, Inc. Disciplinary Decision
May 1, 2012 2006004122402 Hedge Fund Capital Partners, LLC and Howard G. Jahre Disciplinary Decision
Apr 27, 2012 2008014969001 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision

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