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|
|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|
|Apr 5, 2012||2011029760201||Order Denying Respondent’s Motion for Leave to Serve Limited Discovery||Disciplinary Order|
|Apr 4, 2012||20050007427||Extended Hearing Panel Decision in Department of Enforcement v. David Lerner Associates, Inc. and William Mason||Disciplinary Decision|
|Apr 2, 2012||2009019297801||Hearing Panel Decision in Department of Enforcement v. Dame Cisse||Disciplinary Decision|
|Mar 30, 2012||2008015934801||Hearing Panel Decision in Department of Enforcement v. Alan J. Davidofsky||Disciplinary Decision|
|Mar 29, 2012||2010021303301||Hearing Panel Decision in Department of Enforcement v. North Woodward Financial Corp. and Douglas A. Troszak||Disciplinary Decision|
|Mar 22, 2012||2009017439601||Hearing Panel Decision in Department of Enforcement v. Timothy Joseph Golonka||Disciplinary Decision|
|Mar 14, 2012||2009018771602||Order Denying Respondent’s Motion to Present Expert Witness||Disciplinary Order|
|Mar 9, 2012||20080117243||Amended Hearing Panel Decision in Department of Enforcement v. Christopher Robert Ranni||Disciplinary Decision|
|Mar 7, 2012||2008012137601||Gregory Richard Imbruce||Disciplinary Decision|
|Mar 2, 2012||20060051788-01||Harrison A. Hatzis||Disciplinary Decision|
|Feb 24, 2012||2007011489301||Ryan A. Leopold||Disciplinary Decision|
|Feb 23, 2012||2009018944001||Hearing Panel Decision in Department of Enforcement v. Daniel Edward Becerril, II||Disciplinary Decision|
|Feb 21, 2012||2006005259801||John Joseph Plunkett||Disciplinary Decision|
|Jan 30, 2012||2007010902501||Hearing Panel Decision in Department of Enforcement v. Jeffrey B. Pierce||Disciplinary Decision|
|Jan 25, 2012||2008014285801||Hearing Panel Decision in Department of Enforcement v. Paul James Marshall||Disciplinary Decision|
|Jan 2, 2012||SD12004||In The Matter of the Association of X as an Investment Company and Variable Contracts Products Limited Representative with The Sponsoring Firm||Redacted Decision, Statutory Disqualification, Approvals|