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|
|Dec 22, 1998||C10960149||Andrew Fensmark Harris||Disciplinary Decision|
|Dec 21, 1998||CAF980025||Order Granting Partial Summary Disposition in Favor of the Department of Enforcement and Continuing This Proceeding for Hearing on Sanctions||Disciplinary Order|
|Dec 15, 1998||C9A980021||Hearing Panel Decision in Department of Enforcement v. Robert J. Kendzierski||Disciplinary Decision|
|Dec 15, 1998||CAF980014||Order and Decision Granting Department of Enforcement's Motion for Summary Disposition in Department of Enforcement v. Michael Ploshnick||Disciplinary Decision|
|Dec 15, 1998||ARB980006||Non-Summary Suspension Proceeding ARB980006||Expedited Decision, Non-Summary Proceeding|
|Dec 14, 1998||C10980041||Hearing Panel Decision in Department of Enforcement v. Harold Lee Jenkins||Disciplinary Decision|
|Dec 11, 1998||ARB980009||Non-Summary Suspension Proceeding ARB980009||Expedited Decision, Non-Summary Proceeding|
|Dec 2, 1998||C8A980012||Department of Enforcement, Complainant v. Respondent||Redacted Decision|
|Dec 2, 1998||C06980021||Order Denying in Part and Granting in Part Respondent's Motion to Stay Default Decision, for an Extension of Time to File Answer, and for Extension of Time to Comply with Request for Information||Disciplinary Order|
|Dec 1, 1998||C10980025||Hearing Panel Decision in Department of Enforcement v. Kory E. Guglielminetti||Disciplinary Decision|
|Nov 24, 1998||C06980015||Order and Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Terry Don Rader||Disciplinary Decision|
|Nov 18, 1998||C01960020||Daniel Wright Sisson||Disciplinary Decision|
|Nov 17, 1998||C02980025||Order and Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Roger Harry Chlowitz||Disciplinary Decision|
|Nov 13, 1998||C02960024||James Basil Peters||Disciplinary Decision|
|Nov 11, 1998||C8A960094||Norman M. Merz||Disciplinary Decision|
|Nov 3, 1998||C05930020||Donald R. Gates||Disciplinary Decision|
|Oct 29, 1998||C3B980006||Hearing Panel Decision in Department of Enforcement v. Carlton Case Ellis||Disciplinary Decision|
|Oct 26, 1998||C3A980027||Order Granting Complainant's Motion for Leave to Offer Telephone Testimony||Disciplinary Order|
|Oct 23, 1998||C06980015||Order Denying Motion to Stay Proceeding||Disciplinary Order|
|Oct 22, 1998||C8A960081||In the Matter of District Business Conduct Committee For District No. 8, Complainant, vs. Respondent Firm 1 and Respondent 2||Disciplinary Decision, Redacted Decision|
|Oct 22, 1998||C9A960029||In the Matter of District Business Conduct Committee For District No. 9, Complainant, vs. Respondent 1||Disciplinary Decision, Redacted Decision|
|Oct 22, 1998||C07960105||Wayne B. Vaughan||Disciplinary Decision|
|Oct 22, 1998||C9A960029||Pamela A. Hartsock||Disciplinary Decision|
|Oct 22, 1998||C8A970040||Herbert L. Davis, Jr.||Disciplinary Decision|
|Oct 20, 1998||C10970176||Hearing Panel Decision in Department of Enforcement v. Robert FitzPatrick||Disciplinary Decision|