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|
|Mar 22, 1999||C02980073||Order Granting Enforcement's Motion for Leave to Introduce Expert Witness Testimony||Disciplinary Order|
|Mar 14, 1999||CAF980025||Hearing Panel Decision in Department of Enforcement v. Richard Stephen Levitov; Hearing Panel Decision in Department of Enforcement v. Ralph Joseph Angeline||Disciplinary Decision|
|Mar 14, 1999||CAF980086||Hearing Panel Decision||Redacted Decision|
|Feb 17, 1999||CAF970002||Hearing Panel Decision in Department of Enforcement v. Robert J. Rosato||Disciplinary Decision|
|Feb 9, 1999||C06950029||Frank J. Ingersoll||Disciplinary Decision|
|Feb 8, 1999||CAF980002||Order Denying Motion to Disqualify a Panelist||Disciplinary Order|
|Feb 5, 1999||C02960001||Harold B. Gallison, Jr., Gregory K. Mehlmann, Robert C. Weaver, Gerald R. Budke, Christopher S. Knight, La Jolla Capital Corporation||Disciplinary Decision|
|Feb 5, 1999||C8B980018||Kellie A. Will||Disciplinary Decision|
|Feb 1, 1999||ARB980019||Non-Summary Suspension Proceeding ARB980019||Expedited Decision, Non-Summary Proceeding|
|Jan 28, 1999||C9A970018||Maximo J. Guevara||Disciplinary Decision|
|Jan 27, 1999||C10960168||In the Matter of District Business Conduct Committee For District No. 10 Complainant, vs. Respondent Firm 1, Respondent 2, and Respondent 3||Disciplinary Decision, Redacted Decision|
|Jan 27, 1999||C04980035||Hearing Panel Decision in Department of Enforcement v. Robert Lee Davis, Jr.||Disciplinary Decision|
|Jan 26, 1999||C3A970026||In the Matter of District Business Conduct Committee For District No. 3 Complainant, vs. Respondent 1||Disciplinary Decision, Redacted Decision|
|Jan 22, 1999||C8A960063||Keith L. Mohn||Disciplinary Decision|
|Jan 21, 1999||C3B960026||Gerald Cash McNeil||Disciplinary Decision|
|Jan 20, 1999||C10960047||Jawahar K. Doshi||Disciplinary Decision|
|Jan 20, 1999||C9A980020||Hearing Panel Decision in Department of Enforcement v. Sturdivant & Company, Inc., Harvey R. deKrafft, and Albert A. Sturdivant||Disciplinary Decision|
|Jan 13, 1999||C9B960032||Brian D. Angiuli||Disciplinary Decision|
|Jan 13, 1999||C10970003||Donald Clyde Bozzi||Disciplinary Decision|
|Jan 13, 1999||C8A970070||Theodore L. Pittman, III||Disciplinary Decision|
|Jan 6, 1999||CAF980002||Order Denying "Notice of Objection to Order" and Rejecting "Response to Order to Show Cause" of Respondents||Disciplinary Order|
|Jan 1, 1999||SD99008||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|Jan 1, 1999||SD99009||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|Jan 1, 1999||SD99012||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|Jan 1, 1999||SD99014||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|