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|
|Aug 12, 2014||20100226015-01||Hearing Panel Decision in Department of Enforcement v. Jack Brian Weinstock||Disciplinary Decision|
|Aug 11, 2014||2009019042402||Extended Hearing Panel Decision in Department of Enforcement v. James E. Rooney, Jr.||Disciplinary Decision|
|Aug 8, 2014||SD-2037||Jason Ginder with National Securities Corp.||Statutory Disqualification, Approvals|
|Aug 5, 2014||2011027402201||CALLED FOR REVIEW: Raymond Thomas Clark||Disciplinary Decision|
|Aug 1, 2014||20080127674 & 20080133768||Angelo Xagoraris||Disciplinary Decision|
|Jul 25, 2014||2011027007901||APPEALED: Shashishekhar Doni||Disciplinary Decision|
|Jul 21, 2014||2010021303301||North Woodward Financial Corp. and Douglas A. Troszak||Disciplinary Decision|
|Jul 18, 2014||2009019837302||APPEALED: Blair C. Mielke and Frederick W. Shultz||Disciplinary Decision|
|Jul 16, 2014||2012033128703||Order Granting Motion to Limit Dissemination and Use of Personal Confidential Information||Disciplinary Order|
|Jul 8, 2014||2009020465801||Hearing Panel Decision in Department of Enforcement v. Keith D. Geary||Disciplinary Decision|
|Jul 8, 2014||2012032950101||Hearing Panel Decision in Department of Enforcement v. Joseph R. Butler||Disciplinary Decision|
|Jul 3, 2014||20110275168-01||Hearing Panel Decision in Department of Market Regulation v. Jonathan Kohanof||Disciplinary Decision|
|Jun 25, 2014||2012034211301||Hearing Panel Decision in Department of Enforcement v. Success Trade Securities, Inc. and Fuad Ahmed||Disciplinary Decision|
|Jun 17, 2014||2011026788801||Order Denying Summary Disposition||Disciplinary Order|
|Jun 13, 2014||2010025350001||Hearing Panel Decision in Department of Enforcement v. Roric E. Griffith||Disciplinary Decision|
|Jun 3, 2014||2010023724601||David Kristian Evansen||Disciplinary Decision|
|May 27, 2014||2011028003001||Hearing Panel Decision in Department of Enforcement v. Ashik Akberali Kapasi||Disciplinary Decision|
|May 20, 2014||2010021621201||Michael Pino||Disciplinary Decision|
|May 16, 2014||2011028502101||Hearing Panel Decision in Department of Enforcement v. North Woodward Financial Corp. and Douglas A. Troszak||Disciplinary Decision|
|May 14, 2014||2011025674101||Shlomi S. Eplboim||Disciplinary Decision|
|May 9, 2014||2010023349601||APPEALED: Denise M. Olson||Disciplinary Decision|
|May 8, 2014||2012031142101||Hearing Panel Decision in Department of Enforcement v.John Allan Waldock, Jr.||Disciplinary Decision|
|May 6, 2014||2010025181001||Hearing Panel Decision in Department of Enforcement v. John Vincent Ballard||Disciplinary Decision|
|May 2, 2014||2008012925001||APPEALED: The Dratel Group, Inc. and William M. Dratel||Disciplinary Decision|
|Apr 29, 2014||2011028061001||Hearing Panel Decision in Department of Enforcement v. Keilen Dimone Wiley||Disciplinary Decision|