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 13, 1999||C10960208||A.S. Goldmen & Co., Inc., Anthony J. Marchiano, Stuart E. Winkler, & Stacy Meyers||Disciplinary Decision|
|Mar 6, 1998||C02970007||Aaron Eugene Granath||Disciplinary Decision|
|Sep 26, 2012||2007008239001||ACAP Financial Inc. and Gary Hume||Disciplinary Decision|
|Mar 6, 1998||C07960085||Adam S. Levy||Disciplinary Decision|
|Mar 23, 2017||2014040968501||APPEALED: Ahmed Gadelkareem||Disciplinary Decision|
|May 2, 2016||2014040968501||APPEALED: Ahmed Gadelkareem||Disciplinary Decision|
|Apr 26, 2013||2008015934801||Alan Jay Davidofsky||Disciplinary Decision|
|Jun 2, 2000||CAF980029||Aleksandr Shvarts||Disciplinary Decision|
|Mar 23, 2017||SD-2120||Alexander Bastron with Cambridge Investment Research||Statutory Disqualification, Approvals|
|Feb 9, 2017||SD-2125||Alfred G. Block with Buckman, Buckman and Reid, Inc.||Statutory Disqualification, Approvals|
|Oct 8, 2014||2011030192201||APPEALED: Alfred P. Reeves, III||Disciplinary Decision|
|May 3, 2017||2014043001601||APPEALED: Allen B. Holeman||Disciplinary Decision|
|May 21, 2018||2014043001601||Allen Holeman||Disciplinary Decision|
|Aug 17, 1998||C07970022||Allen R. Prewitt||Disciplinary Decision|
|May 24, 2005||C02020057||Alvin W. Gebhart, Jr. and Donna T. Gebhart||Disciplinary Decision|
|Mar 19, 2009||2005003295801||Amended Extended Hearing Panel Decision in Department of Enforcement v. Andrew W. Quinn||Disciplinary Decision|
|May 12, 2009||2005000879302||Amended Extended Hearing Panel Decision in Department of Enforcement v. Legacy Trading Co., LLC and Mark Uselton||Disciplinary Decision|
|Sep 1, 2011||20070072538-03||Amended Extended Hearing Panel Decision in Department of Enforcement v. Max International Broker-Dealer, Corp.||Disciplinary Decision|
|May 12, 2009||2005000075703||Amended Extended Hearing Panel Decision in Department of Enforcement v. Midas Securities LLC, World Trade Financial Corporation, Jason Troy Adams, Frank Edward Brickell, Jay S. Lee and Rodney Preston Michel||Disciplinary Decision|
|Mar 9, 2012||20080117243||Amended Hearing Panel Decision in Department of Enforcement v. Christopher Robert Ranni||Disciplinary Decision|
|Jul 14, 2009||2007010450601||Amended Hearing Panel Decision in Department of Enforcement v. Dennis Brown||Disciplinary Decision|
|May 21, 2010||20070094468||Amended Hearing Panel Decision in Department of Enforcement v. Dirk Allen Taylor||Disciplinary Decision|
|Jan 28, 2014||2011026664301||Amended Hearing Panel Decision in Department of Enforcement v. Gardnyr Michael Capital Inc. and Pfilip Gardnyr Hunt, Jr.||Disciplinary Decision|
|Sep 19, 2013||2011025957702||Amended Hearing Panel Decision in Department of Enforcement v. Gary Mark Giblen||Disciplinary Decision|
|Jun 14, 2012||2009019369302||Amended Hearing Panel Decision in Department of Enforcement v. Jeff Ng||Disciplinary Decision|