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
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
Oct 25, 2012 2010022128301 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Oct 23, 2012 2011026664301 Order Granting in Part and Denying in Part the Department of Enforcement’s Motion to Strike the Answer and Order the Filing of a New Answer Disciplinary Order
Oct 22, 2012 2010025132201 Hearing Panel Decision in Department of Enforcement v. Amy Siesennop Disciplinary Decision
Oct 17, 2012 2010024320101 Order to Provide Verification in Support of Request for Continuance of Hearing Disciplinary Order
Oct 12, 2012 2009018771602 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
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

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