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
Feb 17, 1999 CAF970002 Hearing Panel Decision in Department of Enforcement v. Robert J. Rosato Disciplinary Decision
Feb 9, 1999 C06950029 Frank J. Ingersoll Disciplinary Decision
Feb 8, 1999 CAF980002 Order Denying Motion to Disqualify a Panelist Disciplinary Order
Feb 5, 1999 C02960001 Harold B. Gallison, Jr., Gregory K. Mehlmann, Robert C. Weaver, Gerald R. Budke, Christopher S. Knight, La Jolla Capital Corporation Disciplinary Decision
Feb 5, 1999 C8B980018 Kellie A. Will Disciplinary Decision
Feb 1, 1999 ARB980019 Non-Summary Suspension Proceeding ARB980019 Expedited Decision, Non-Summary Proceeding
Jan 28, 1999 C9A970018 Maximo J. Guevara Disciplinary Decision
Jan 27, 1999 C10960168 In the Matter of District Business Conduct Committee For District No. 10 Complainant, vs. Respondent Firm 1, Respondent 2, and Respondent 3 Disciplinary Decision, Redacted Decision
Jan 27, 1999 C04980035 Hearing Panel Decision in Department of Enforcement v. Robert Lee Davis, Jr. Disciplinary Decision
Jan 26, 1999 C3A970026 In the Matter of District Business Conduct Committee For District No. 3 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Jan 22, 1999 C8A960063 Keith L. Mohn Disciplinary Decision
Jan 21, 1999 C3B960026 Gerald Cash McNeil Disciplinary Decision
Jan 20, 1999 C10960047 Jawahar K. Doshi Disciplinary Decision
Jan 20, 1999 C9A980020 Hearing Panel Decision in Department of Enforcement v. Sturdivant & Company, Inc., Harvey R. deKrafft, and Albert A. Sturdivant Disciplinary Decision
Jan 13, 1999 C9B960032 Brian D. Angiuli Disciplinary Decision
Jan 13, 1999 C10970003 Donald Clyde Bozzi Disciplinary Decision
Jan 13, 1999 C8A970070 Theodore L. Pittman, III Disciplinary Decision
Jan 6, 1999 CAF980002 Order Denying "Notice of Objection to Order" and Rejecting "Response to Order to Show Cause" of Respondents Disciplinary Order
Jan 1, 1999 SD99008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99009 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99012 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99014 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99015 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99016 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1999 SD99017 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals

Pages