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 Decision Proceeding No. Titlesort descending Type
Dec 2, 1998 C8A980012 Department of Enforcement, Complainant v. Respondent Redacted Decision
Sep 6, 2005 C01040001 Department of Enforcement, Complainant, vs. Respondent Firm and Respondent Disciplinary Decision, Redacted Decision
Apr 18, 2011 EQS100001 Department of Member Regulation v. Intermountain Financial Services, Inc. Expedited Decision, Rule 9550 Expedited Decisions
Dec 17, 2014 SD-1802 Deutsche Bank Securities, Inc. Statutory Disqualification
Aug 5, 2011 20070094468 Dirk Allen Taylor Disciplinary Decision
Aug 6, 1999 C8B970010 District Business Conduct Committee For District No. 8, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Oct 2, 2008 2005001819101 Domestic Securities Inc. Disciplinary Decision
Jan 13, 1999 C10970003 Donald Clyde Bozzi Disciplinary Decision
Nov 3, 1998 C05930020 Donald R. Gates Disciplinary Decision
Oct 5, 2016 FPI160009 Donald Shelby Toomer Expedited Decision
Jan 20, 1998 C02960031 Donna R. Roach Disciplinary Decision
Jul 10, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
Jul 27, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
Jul 29, 1998 C10960162 Douglas John Mangan Disciplinary Decision
Dec 12, 2005 C07040077 Dulce Maria Salaverria Disciplinary Decision
Oct 22, 2015 20100215720-01 eBX, LLC Disciplinary Decision
Nov 8, 2017 2014040809501 Eddie Basora, Jr. Disciplinary Decision
Jul 31, 2017 2015044823501 & 2015044823502 APPEALED: Edward Beyn, Craig Scott Taddonio, and Brent Morgan Porges Disciplinary Decision
Sep 14, 2012 2007007792902 Edward S. Brokaw Disciplinary Decision
Jun 12, 1998 C9B950010 Eliezer Gurfel Disciplinary Decision
Jul 30, 2004 C06020003 Eric H. Dieffenbach and Michel A. Rooms Disciplinary Decision
Feb 19, 1998 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Dec 31, 1997 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Dec 31, 2013 2008011675301 Extended Hearing Panel Decision in Department of Enforcement v. Timothy B. Ruggiero 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

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