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 Decisionsort ascending Proceeding No. Title Type
Mar 8, 2017 2015044921601 Order Denying Respondent’s Discovery Motion. Disciplinary Order
Feb 24, 2017 2014042059701 Order Denying Respondent’s Motion for Permission to Offer Expert Testimony. Disciplinary Order
Feb 7, 2017 2014042291901 Order Denying Respondents’ Motion for Summary Disposition. Disciplinary Order
Jan 30, 2017 2013037401001 Sua Sponte Order Striking Portions of Respondent’s Answer and Precluding Immaterial and Impertinent Evidence Disciplinary Order
Jan 26, 2017 2012030738501 APPEALED: J.W. Korth and Company Disciplinary Decision
Jan 13, 2017 2013036799501 J. Michael Casas Disciplinary Decision
Jan 13, 2017 2011026346206 Jaoshiang Luo Disciplinary Decision
Jan 11, 2017 2013037097602 Jeffery A. Vaughn Disciplinary Decision
Jan 10, 2017 2012033362101 Thomas Edmund Connors Disciplinary Decision
Jan 6, 2017 2012030724101 Fox Financial Management Corporation, Brian A. Murphy, James E. Rooney, Jr. Disciplinary Decision
Jan 4, 2017 2014041319201 Miguel Ortiz Disciplinary Decision
Dec 28, 2016 2014042690502 Order Granting, in Part, Respondents' Motion Requesting Issuance of FINRA Rule 8210 Requests. Disciplinary Order
Dec 16, 2016 2014040876001 APPEALED: Kenneth J. Mathieson Disciplinary Decision
Dec 14, 2016 2015044823501 Order Denying Respondent Beyn’s Motion for Additional Discovery. Disciplinary Order
Dec 14, 2016 2012033832501 APPEALED: Matthew D. Rubin Disciplinary Decision
Dec 13, 2016 2014040501801 Texas E&P Partners, Inc., F/K/A Chestnut Exploration Partners, Inc., F/K/A Chestnut Energy Partners, Inc. and Mark A. Plummer Disciplinary Decision
Dec 12, 2016 2013036653301 Vincent Au Disciplinary Decision
Dec 8, 2016 DFC160001 McBarron Capital, LLC Expedited Decision
Dec 1, 2016 ARB160019 Michael David Schwartz Expedited Decision
Nov 28, 2016 2013038770901 Ricky R. Moore Disciplinary Decision
Nov 23, 2016 20080148227-02 Order Deferring Ruling on Joint Motion to Stay Proceedings. Disciplinary Order
Nov 18, 2016 ARB160035 Keith Patrick Sequeira Expedited Decision
Nov 14, 2016 2014040476901 Order Denying Respondents’ Motion Under Rule 9252 For Issuance of Requests for Documents and Information. Disciplinary Order
Nov 11, 2016 2013035533701 APPEALED: Meyers Associates, L.P. Disciplinary Decision
Nov 4, 2016 2014039839101 Order Granting Enforcement’s Motion for Partial Summary Disposition. Disciplinary Order

Pages