Adjudications & Decisions
When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement 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.
View All Adjudications & Decisions
Date of Decision | Proceeding No. | Title | Type |
---|---|---|---|
February 11, 2000 | CAF980031 | Hearing Panel Decision as to Respondent | Redacted Decision |
February 08, 2000 | C02990034 | Hearing Panel Decision in Department of Enforcement v. I.C. Rideau, Lyons, & Co., Inc., Lamar A. Lyons, Sr., and Joyce A. Green | Disciplinary Decision |
February 07, 2000 | CMS950041 | In the Matter of Market Regulation Committee, Complainant, vs. Respondent 1 and Respondent Firm 2 | Disciplinary Decision, Redacted Decision |
January 31, 2000 | C9A990007 | Order Granting Motion for Order Permitting Certain Witnesses to Have Counsel Present | Disciplinary Order |
January 18, 2000 | C02990052 | Order Granting Enforcement's Motion for Leave to Offer Telephone Testimony | Disciplinary Order |
January 18, 2000 | CMS960235 | Morgan Stanley & Co., Inc., Thomas Anthony Crocamo, Carl DeFelice, Joseph Louis Ferrarese, Peter William Ferriso, Jr., Robert Scott Ranzman, Charles McMichael Simonds, & David Robert Slaine | Disciplinary Decision |
January 13, 2000 | C3A990050 | Hearing Panel Decision in Department of Enforcement v. Jim Newcomb | Disciplinary Decision |
January 13, 2000 | C02990017 | Hearing Panel Decision in Department of Enforcement v. Dennis Frank Riggi | Disciplinary Decision |
January 04, 2000 | C10990121 | Order Denying Enforcement's Motion For Summary Disposition | Disciplinary Order |
January 01, 2000 | SD00007 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Denials |
January 01, 2000 | SD00001 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
January 01, 2000 | SD00006 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
January 01, 2000 | SD00002 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Denials |
January 01, 2000 | SD00010 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Denials |
January 01, 2000 | SD00004 | Proposed Association of X | Redacted Decision, Statutory Disqualification, Approvals |
January 01, 2000 | SD00011 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
January 01, 2000 | SD00003 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Denials |
January 01, 2000 | SD00013 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Denials |
January 01, 2000 | SD00005 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
January 01, 2000 | SD00012 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
December 30, 1999 | CAF990018 | Order Denying Motion for Summary Disposition | Disciplinary Order |
December 17, 1999 | C02980051 | Gordon Kerr | Disciplinary Decision |
December 14, 1999 | C04990005 | Bradford Lee Brinton | Disciplinary Decision |
December 10, 1999 | C10970145 | Hearing Panel Decision in Department of Enforcement v. Monitor Investment Group, Ltd., Michael Galasso, Jr., Emmanuel Gennuso, Patrick Giglio, and Steven Goldstein | Disciplinary Decision |
December 02, 1999 | CAF980013 | Hearing Panel Decision in Department of Enforcement v. Herman Epstein | Disciplinary Decision |