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|
|Jul 20, 2018||2014041862701||Spencer Edwards Inc.||Disciplinary Order|
|Jul 20, 2018||2015047069701||Leslie George Markus, Jr.||Disciplinary Order|
|Jun 18, 2018||2016047565702||APPEALED: Bruce Martin Zipper and Dakota Securities International, Inc.||Disciplinary Decision|
|May 25, 2018||SD-2189||Francis D. Moise, Sr., with First Western Securities, Inc.||Statutory Disqualification, Approvals|
|May 24, 2018||SD-2132||Kimberly Springsteen-Abbott||Statutory Disqualification|
|May 23, 2018||2012034393801||Aon Miller||Disciplinary Decision|
|May 23, 2018||2012030564701||Newport Coast Securities, Inc., Andre La Barbera, Douglas Leone||Disciplinary Decision|
|May 21, 2018||2014043001601||Allen Holeman||Disciplinary Decision|
|May 17, 2018||2015044960501||Michael Todd Clements||Disciplinary Decision|
|May 14, 2018||SD-2172||APPEALED: Windsor Street Capital, L.P. (f/k/a Meyers Associates, L.P.)||Statutory Disqualification, Denials|
|May 3, 2018||2014039775501||Order Regarding Enforcement’s Motion to Strike Respondent’s Witnesses and Exhibits and Respondent’s Motion to Strike Enforcement Exhibits||Disciplinary Order|
|May 3, 2018||2014039775501||Order Granting Enforcement’s Motion Regarding Sequestration of Witnesses||Disciplinary Order|
|May 2, 2018||2014041860801||Omnibus Order on Pre-Hearing Motions||Disciplinary Order|
|Apr 30, 2018||201404186800||APPEALED: Dennis A. Mehringer, Jr.||Disciplinary Decision|
|Apr 25, 2018||2015046971701||Order Granting Enforcement’s Motion for Leave to Offer Telephone or Videoconference Testimony||Disciplinary Order|
|Apr 24, 2018||2014041860801||Order Granting in Part and Denying in Part Renewed Motion to Compel.||Disciplinary Order|
|Apr 11, 2018||2014040761001||Amended Order Denying Respondent’s Motion for Partial Summary Disposition||Disciplinary Order|
|Apr 5, 2018||2015044600801||Gerard Chandler Gremillion||Disciplinary Decision|
|Apr 5, 2018||David P. Brown||Statutory Disqualification, Approvals|
|Mar 28, 2018||2011030293503||Richard Gomez||Disciplinary Decision|
|Mar 20, 2018||2015046971701||Order Granting Motion to Allow De Bene Esse Deposition||Disciplinary Order|
|Mar 19, 2018||2014040876001||Kenneth J. Mathieson||Disciplinary Decision|
|Mar 14, 2018||2016052347901||APPEALED: Austin Wayne Morton||Disciplinary Decision|
|Mar 13, 2018||SD-2137||APPEALED: Gabriel Block||Statutory Disqualification, Denials|
|Mar 5, 2018||2015047154001||Order Denying Respondent’s Motion for Admission of Additional Exhibits||Disciplinary Order|