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
Dec 31, 2013 2009016764901 Robert Durant Tucker Disciplinary Decision
Dec 31, 2013 2008011675301 Extended Hearing Panel Decision in Department of Enforcement v. Timothy B. Ruggiero Disciplinary Decision
Dec 27, 2013 2011025506901 Extended Hearing Panel Decision in Department of Enforcement v. Richard Hans Bach Disciplinary Decision
Dec 26, 2013 20070082049 Robert Marcus Lane and Jeffrey G. Lane Disciplinary Decision
Dec 17, 2013 20110269351 Hearing Panel Decision in Department of Market Regulation v. John Cherry III Disciplinary Decision
Dec 17, 2013 2008016437801 Hugh Vincent Murray III Disciplinary Decision
Dec 17, 2013 2006005259801 John Joseph Plunkett Disciplinary Decision
Dec 12, 2013 20090209629-01 Hearing Panel Decision in Department of Enforcement v. Jason Blum Disciplinary Decision
Dec 10, 2013 2011026874301 Hearing Panel Decision in Department of Enforcement v. William L. Tatro Disciplinary Decision
Nov 19, 2013 2009017195204 Hearing Panel Decision in Department of Enforcement v. Merrimac Corporate Securities, Inc. Disciplinary Decision
Nov 8, 2013 20090207019-01 Hearing Panel Decision in Department of Enforcement v. Respondent. Redacted Decision
Nov 5, 2013 2009019108901 Hearing Panel Decision in Department of Enforcement v. William Scholander and Talman Harris Disciplinary Decision
Oct 15, 2013 2010024917601 Hearing Panel Decision in Department of Enforcement v. Ronald Moschetta Disciplinary Decision
Oct 7, 2013 20080150419 Extended Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
Oct 2, 2013 2008011762801 Mitchell H. Fillet Disciplinary Decision
Oct 1, 2013 2007010902501 Jeffrey B. Pierce Disciplinary Decision
Sep 27, 2013 20120321124-01 Hearing Panel Decision in Department of Enforcement v. Gregg Charles Lorenzo Disciplinary Decision
Sep 27, 2013 2011025591601 Hearing Panel Decision in Department of Enforcement v. Highland Financial, LTD. and Gordon D. Smith. Disciplinary Decision
Sep 19, 2013 2009016317701 Amended Hearing Panel Decision in Department of Enforcement v. The Dratel Group, Inc. and William M. Dratel Disciplinary Decision
Sep 19, 2013 2011025957702 Amended Hearing Panel Decision in Department of Enforcement v. Gary Mark Giblen Disciplinary Decision
Aug 13, 2013 2009016159102 Amended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Jul 25, 2013 20060053785-02 Robert N. Drake Disciplinary Decision
Jul 18, 2013 2010024271001 Hearing Panel Decision in Department of Enforcement v. Levinski Dealexis Barnes Disciplinary Decision
Jun 28, 2013 2009018818101 Hearing Panel Decision in Department of Enforcement v. Anthony G. Manaia Disciplinary Decision
Jun 20, 2013 2009016034101 Hearing Panel Decision in Department of Enforcement v. Anthony A. Grey. Disciplinary Decision

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