Office of Hearing Officers

The Office of Hearing Officers is an office of impartial adjudicators of disciplinary cases brought by FINRA’s Department of Enforcement against FINRA members.

The Office of Hearing Officers maintains strict independence from FINRA's regulatory programs and is physically separated from other FINRA departments.

Hearing officers are not involved in the investigative process. Employment protections exist for hearing officers to further ensure their independence; they may not be terminated except by the FINRA Chief Executive Officer, with a right to appeal to the Audit Committee of FINRA's Board of Governors.

View:  Orders and Decisions Chronologically  |  Orders by Topic  |  Orders by Rule
Date of Decision Proceeding No. Title Type Order No.sort descending
Jul 8, 2014 2012032950101 Hearing Panel Decision in Department of Enforcement v. Joseph R. Butler Disciplinary Decision
Apr 15, 2013 2011030192201 Hearing Panel Decision in Department of Enforcement v. Alfred P. Reeves III Disciplinary Decision
Dec 1, 2016 ARB160019 Michael David Schwartz Expedited Decision
Sep 3, 2003 CAF010011 Hearing Panel Decision in Department of Enforcement v. J. Alexander Securities, Inc., Richard Newberg, and James Alexander Disciplinary Decision
Jul 8, 2005 C8A040079 Hearing Panel Decision in Department of Enforcement vs. Gregory R. Masceri Disciplinary Decision
Mar 12, 2015 FPI140011 Hearing Panel Decision in Regulatory Operations v. Alex Lubetsky Expedited Decision, Rule 9550 Expedited Decisions
Aug 3, 1999 ARB990014 Non-Summary Suspension Proceeding ARB990014 Expedited Decision, Non-Summary Proceeding
Aug 8, 2005 C02050006 Hearing Panel Decision in Department of Enforcement vs. Malvinder Sonny Matharu Disciplinary Decision
May 16, 2014 2011028502101 Hearing Panel Decision in Department of Enforcement v. North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jan 21, 2005 CMS040069 Hearing Panel Decision in Department of Enforcement vs. Nicholas R. Sciascia Disciplinary Decision
May 30, 2017 2014039839101 APPEALED: Jim Jinkook Seol Disciplinary Decision
Aug 6, 2010 2005001988201 Amended Hearing Panel Decision in Department of Enforcement v. Mark B. Beloyan and Tradespot Markets, Inc. Disciplinary Decision
May 30, 2008 2006005565401 Hearing Panel Decision in Department of Enforcement v. Michael L. Vines Disciplinary Decision
Jun 3, 2016 2012030731802 APPEALED: William H. Murphy & Co., Inc. and William H. Murphy Disciplinary Decision
Nov 6, 2015 2014041319201 APPEALED: Miguel Ortiz Disciplinary Decision
Feb 6, 2018 DFC170004 APPEALED: Dakota Securities International, Inc. Expedited Decision
May 31, 2006 CAF030007 Order Granting Complainant's Motion to Withdraw the Complaint, with Prejudice Disciplinary Order
Jan 28, 2002 ARB010016 Non-Summary Suspension Consolidated Proceeding ARB010016 Expedited Decision, Non-Summary Proceeding
Jun 25, 2014 2012034211301 Hearing Panel Decision in Department of Enforcement v. Success Trade Securities, Inc. and Fuad Ahmed Disciplinary Decision
May 13, 2009 2007010306901 Hearing Panel Decision in Department of Enforcement v. FCS Securities and Respondent 2 Disciplinary Decision
Apr 4, 2013 20070094013 Extended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Sep 30, 2003 FPI030003 Hearing Panel Decision in Department of Enforcement v. Stanley M. Wise Expedited Decision, Rule 9540 Suspension Decisions
Oct 15, 2001 CMS000142 Hearing Panel Decision in Department of Enforcement v. Ko Securities, Inc. and Terrance Yoshikawa Disciplinary Decision
Nov 11, 2016 2013035533701 APPEALED: Meyers Associates, L.P. Disciplinary Decision
Aug 7, 2018 2016050924601 APPEALED: Bradley C. Reifler Disciplinary Decision

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