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 19, 2011 2009019637001 Hearing Panel Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Thomas Thanh Doan Disciplinary Decision
Sep 15, 2011 2010023719601 Hearing Panel Decision in Department of Enforcement v. Chad A. McCartney Disciplinary Decision
Sep 7, 2011 2009017798201 Order Denying Respondent’s Motion for Stay of Hearing Disciplinary Order
Sep 1, 2011 20070072538-03 Amended Extended Hearing Panel Decision in Department of Enforcement v. Max International Broker-Dealer, Corp. Disciplinary Decision
Aug 5, 2011 20070094468 Dirk Allen Taylor Disciplinary Decision
Jul 28, 2011 2005000324301 Jerry William Burch Disciplinary Decision
Jul 28, 2011 2008012925001 Order Regarding Pending Motions and Pre-Hearing Issues Disciplinary Order
Jul 21, 2011 200801201960 Rebecca Amy Reichman Disciplinary Decision
Jun 24, 2011 2008011725901 Hearing Panel Decision in Department of Enforcement v. Carlos Francisco Otalvaro Disciplinary Decision
Jun 13, 2011 2008011701203 Hearing Panel Decision in Department of Enforcement v. Daniel James Gallagher and Vision Securities Inc. Disciplinary Decision
Jun 9, 2011 2008015270701 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Jun 8, 2011 2007010398802 Order on Enforcement’s Objections to Respondent’s Proposed Exhibit List and Motion In Limine in Part Disciplinary Order
Jun 1, 2011 2010021196801 Order Regarding Respondent’s Motion to Stay Disciplinary Order
May 18, 2011 2007010580702 Order Granting Enforcement’s Motion Concerning the Testimony of MO, MB, and JF, and Denying the Respondent’s Motion to Exclude Their Testimony Disciplinary Order
May 16, 2011 2007011413501 Order Denying Respondents’ Motion to Exclude Certain Portions of the Expert Report of HGF and to Preclude His Expert Testimony on the Issue of Suitability Disciplinary Order
May 13, 2011 2007011937001 Howard Braff Disciplinary Decision
May 6, 2011 2005003437102 Michael Lee Bullock Disciplinary Decision
May 5, 2011 2008014712201 Hearing Panel Decision in Department of Enforcement v. Kirk L. Gravelle Disciplinary Decision
Apr 25, 2011 2009017775601 Hearing Panel Decision in Department of Enforcement v. Meyers Associates, LP Disciplinary Decision
Apr 25, 2011 2007008239001 CALLED FOR REVIEW: Hearing Panel Decision in Department of Enforcement v. ACAP Financial, Inc. and Gary Hume Disciplinary Decision
Apr 18, 2011 EQS100001 Department of Member Regulation v. Intermountain Financial Services, Inc. Expedited Decision, Rule 9550 Expedited Decisions
Apr 15, 2011 20100226181 NAC Redacted Membership Decision 20100226181 Membership Decision
Mar 30, 2011 2008011719501 Hearing Panel Decision in Department of Enforcement v. Tina Newman Disciplinary Decision
Mar 28, 2011 2006004666601 Hearing Panel Decision in Department of Enforcement v. Ryan J. Kirkpatrick Disciplinary Decision
Mar 25, 2011 FPI100022 Hearning Panel Decision in Department of Enforcement v. Kent Sweat and Intermountain Financial Services, Inc. Expedited Decision, Rule 9550 Expedited Decisions

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