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
Oct 5, 2017 2013038986001 APPEALED: Richard Allen Riemer, Jr. Disciplinary Decision
Mar 17, 2015 2011027271901 Richard Blair Disciplinary Decision
Oct 9, 2008 CMS030182 Richard F. Kresge Disciplinary Decision
Aug 4, 2006 CMS030182 Richard F. Kresge Disciplinary Decision
Jun 5, 2015 20140407790-01 Richard Francis Kenny, Jr. Disciplinary Decision
May 10, 2010 2005003188901 Richard G. Cody Disciplinary Decision
Jun 10, 2016 2011030293503 APPEALED: Richard Gomez Disciplinary Decision
Mar 28, 2018 2011030293503 Richard Gomez Disciplinary Decision
Jun 2, 2017 2014039091903 Richard Lim Disciplinary Decision
Feb 27, 2018 2015045254501 APPEALED: Richard O. White Disciplinary Decision
Oct 31, 1999 CAF980025 Richard Stephen Levitov & Ralph Joseph Angeline Disciplinary Decision
Jun 28, 2000 CAF970011 Richard Steven Levitov & Ralph Joseph Angeline Disciplinary Decision
Jul 1, 1998 C07970051 Richard Timothy Greene Disciplinary Decision
Nov 28, 2016 2013038770901 Ricky R. Moore Disciplinary Decision
Jun 13, 2018 2016049085401 APPEALED: Robert Charles McNamara Disciplinary Decision
Oct 26, 2010 E102003025201 Robert Conway and Kakit Ng Disciplinary Decision
Oct 4, 2011 2007009981201 Robert D. Tucker Disciplinary Decision
Aug 4, 2016 FPI160002 Robert DePalo Expedited Decision
Dec 31, 2013 2009016764901 Robert Durant Tucker Disciplinary Decision
Feb 23, 2007 C04050005 Robert E. Strong Disciplinary Decision
Oct 3, 2016 2012032519101 Robert Earl Holaday Disciplinary Decision
May 21, 2015 2012032519101 APPEALED: Robert Earl Holaday Disciplinary Decision
Nov 13, 2000 C10970176 Robert Fitzpatrick Disciplinary Decision
Jun 14, 1999 C10970176 Robert Fitzpatrick Disciplinary Decision
Dec 31, 2013 2009018771602 Robert H. Watkins Disciplinary Decision