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|
|May 2, 2014||2008012925001||APPEALED: The Dratel Group, Inc. and William M. Dratel||Disciplinary Decision|
|May 6, 2015||2009016317701||The Dratel Group, Inc. and William M. Dratel||Disciplinary Decision|
|Jun 28, 2006||FPI060005||The Reid Group LLC||Expedited Decision, Rule 9550 Expedited Decisions|
|Jan 13, 1999||C8A970070||Theodore L. Pittman, III||Disciplinary Decision|
|Jan 29, 2015||SD-2050||Theodore Rothman with First Allied Securities, Inc.||Statutory Disqualification, Approvals|
|Dec 22, 2014||SD-2042||Thomas Core with Aegis Capital Corp.||Statutory Disqualification, Approvals|
|Jan 15, 2016||2012033362101||APPEALED: Thomas Edmund Connors||Disciplinary Decision|
|Jan 10, 2017||2012033362101||Thomas Edmund Connors||Disciplinary Decision|
|Feb 15, 2013||2008014621701||Thomas Weisel Partners, LLC and Stephen H. Brinck, Jr.||Disciplinary Decision|
|Oct 27, 2005||C8A030099||Timothy J. Duma||Disciplinary Decision|
|Apr 25, 2003||CAF010013||Timothy J. Ryan||Disciplinary Decision|
|May 17, 2001||C8A990025||Timothy James Fergus, Frank Thomas Devine, & Richard Alan Blake||Disciplinary Decision|
|Feb 4, 2013||2009017439601||Timothy Joseph Golonka||Disciplinary Decision|
|Aug 25, 2017||ARB170007||Timothy S. Fannin||Expedited Decision|
|Feb 2, 2018||2015046759201||APPEALED: Todd B. Wyche||Disciplinary Decision|
|May 18, 2005||C8A030068||Todd Grafenauer||Disciplinary Decision|
|Aug 6, 1999||C06910024||Toney L. Reed||Disciplinary Decision|
|May 21, 2003||FPI010004||Toni Valentino||Disciplinary Decision|
|Feb 12, 2016||2013036678201||Tracy Chen||Disciplinary Decision|
|Dec 15, 2017||2013037522501||APPEALED: Trevor Michael Saliba, Sperry Randall Younger, Richard Daniel Tabizon, and Arthur Mansourian||Disciplinary Decision|
|Sep 9, 2003||C01000003||U.S. Rica Financial, Inc. and Vinh Huu Nguyen||Disciplinary Decision|
|Oct 8, 2014||SD-1757, SD-1758, & SD-1896||UBS Financial Services, Inc., and UBS Securities, LLC||Statutory Disqualification, Approvals|
|Dec 1, 1997||CMS950042||Victor H. Palma, Jr.||Disciplinary Decision|
|Jan 1, 2001||SD01011||View Decision||Approvals, Statutory Disqualification, Redacted Decision|
|Dec 12, 2016||2013036653301||Vincent Au||Disciplinary Decision|