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
Jan 27, 2015 2012034936005 Order Denying Respondent’s Motion to Compel Production of Documents and Rule 9252 Motion Disciplinary Order
Jan 20, 2015 2011028647101 John Carris Investments, LLC, George Carris, Andrey Tkatchenko, Jason Barter, and Randy Heckler Disciplinary Decision
Jan 9, 2015 20120334673-01 Department of Enforcement v. John Thomas Financial, Inc. Disciplinary Decision
Dec 30, 2014 20080148227-02 Order Granting, in Part, and Denying in Part, Respondents 1, 4, 2’s Motions for More Definite Statement and Denying Respondent 3’s Motion for More Definite Statement Disciplinary Order
Dec 30, 2014 2009020941801 APPEALED: Lek Securities Corporation and Samuel Frederik Lek Disciplinary Decision
Dec 29, 2014 2009019108901 APPEALED: William Scholander and Talman Harris Disciplinary Decision, Redacted Decision
Dec 22, 2014 SD-2042 Thomas Core with Aegis Capital Corp. Statutory Disqualification, Approvals
Dec 22, 2014 2012034389202 APPEALED: Bernard G. McGee Disciplinary Decision
Dec 18, 2014 SD1904, SD-1905, SD-1984 J.P. Morgan Securities, LLC Statutory Disqualification, Approvals
Dec 17, 2014 SD-1802 Deutsche Bank Securities, Inc. Statutory Disqualification
Dec 11, 2014 SD-1997 Ronald M. Berman Statutory Disqualification, Denials
Dec 11, 2014 20070094044 APPEALED: Wedbush Securities, Inc. and Edward William Wedbush Disciplinary Decision
Dec 10, 2014 2011025957702 Gary Giblen Disciplinary Decision
Dec 10, 2014 2011026386001 Order Appointing Replacement Hearing Officer, Amending Caption, and Setting Hearing Dates Disciplinary Order
Dec 8, 2014 2011030781201 Order (1) Denying Respondent’s Motion to Dismiss, (2) Granting in Part Enforcement’s Motion to Strike, and (3) Directing Respondent to File an Amended Answer Disciplinary Order
Dec 2, 2014 2012030570301 Calvin B. Grigsby Disciplinary Decision
Dec 1, 2014 2011025676501 Order Granting, In Part, Motion for More Definite Statement Disciplinary Order
Nov 6, 2014 SD-2017 Piper Jaffray & Co. Statutory Disqualification, Approvals
Nov 3, 2014 20110273503 Richard A. McGuire Disciplinary Decision
Oct 13, 2014 2010022977801 Ameriprise Financial Services, Inc. and David B. Tysk Disciplinary Decision
Oct 8, 2014 SD-1757, SD-1758, & SD-1896 UBS Financial Services, Inc., and UBS Securities, LLC Statutory Disqualification, Approvals
Oct 8, 2014 2011030192201 APPEALED: Alfred P. Reeves, III Disciplinary Decision
Oct 3, 2014 2009016034101 APPEALED: Anthony A. Grey Disciplinary Decision
Oct 2, 2014 SD-1798 Wells Fargo Advisors, LLC Statutory Disqualification, Approvals
Oct 2, 2014 20130379350 APPEALED: Bering Strait Securities, Inc. Membership Decision

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