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
Jan 2, 2012 SD12002 In the Matter of the Association of X as an Associated Person with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
Jan 2, 2012 SD12005 In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
Jan 2, 2012 SD12008 In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
Jan 2, 2012 SD12006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 2, 2012 SD12003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Dec 30, 2011 2005002244102 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Dec 30, 2011 2010021916601 Hearing Panel Decision in Department of Enforcement v. Joseph S. Amundsen Disciplinary Decision
Dec 28, 2011 2007009403801 Stephen W. Wilson Disciplinary Decision
Dec 20, 2011 2005001988201 Mark B. Beloyan and Tradespot Markets, Inc. Disciplinary Decision
Dec 19, 2011 2007010158001 Hearing Panel Decision in Department of Enforcement v. CapWest Securities Inc. Disciplinary Decision
Dec 13, 2011 2008011762801 Amended Hearing Panel Decision in Department of Enforcement v. Mitchell Fillet Disciplinary Decision
Dec 6, 2011 2009018819001 Extended Hearing Panel Decision in Department of Enforcement v. Nicholas D. Skaltsounis, Respondent 2, and John B. Guyette Disciplinary Decision
Nov 22, 2011 20080138685 Hearing Panel Decision in Department of Enforcement v. Ron William Howell Disciplinary Decision
Nov 18, 2011 2007010580702 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Nov 8, 2011 2008014621701 Extended Hearing Panel Decision in Department of Enforcement v. Thomas Weisel Partners, LLC and Stephen H. Brinck, Jr. Disciplinary Decision
Oct 29, 2011 2010021627601 Amended Hearing Panel Decision in Department of Enforcement v. Timothy L. Pittman Disciplinary Decision
Oct 20, 2011 2005003610701 William J. Murphy, Carl M. Birkelbach, and Birkelbach Investment Securities, Inc. Disciplinary Decision
Oct 17, 2011 2009018068701 Hearing Panel Decision in Department of Enforcement v. Harry W. Hunt Disciplinary Decision
Oct 13, 2011 2007010398802 Hearing Panel Decision in Department of Enforcement v. Alexander H. McKinnis Disciplinary Decision
Oct 11, 2011 2007011915401 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Oct 4, 2011 2007008935010 Hearing Panel Decision in Department of Enforcement v. David Trende Disciplinary Decision
Oct 4, 2011 2007009981201 Robert D. Tucker Disciplinary Decision
Oct 3, 2011 20090195518 Hearing Panel Decision in Department of Enforcement v. Darrell Eugene Fox Disciplinary Decision
Oct 3, 2011 2006005977901 Kale E. Evans Disciplinary Decision
Sep 22, 2011 20090192254 Memorandum Opinion and Order Denying Respondent’s Motion to Set Aside Default Decision Disciplinary Order

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