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
Sep 18, 1998 C05960074 In the Matter of District Business Conduct Committee For District No. 5 Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
Sep 16, 1998 C9A970045 Order Denying Motion for Entry of Default Decision Disciplinary Order
Sep 14, 1998 C07960096 Hunter International Securities, Inc., & Louis N. Nizza, Jr. Disciplinary Decision
Sep 11, 1998 C10970029 John M. Columbia Disciplinary Decision
Aug 26, 1998 CMS970026 Hearing Panel Decision in Department of Enforcement v. Olde Discount Corporation and Todd Thomas Wodek Disciplinary Decision
Aug 25, 1998 C07960069 Steven A. Kirschbaum Disciplinary Decision
Aug 21, 1998 CO5970035 Hearing Panel Decision Redacted Decision
Aug 17, 1998 C07970022 Allen R. Prewitt Disciplinary Decision
Aug 12, 1998 CAF980014 Order Denying Motion to Disqualify as Premature Disciplinary Order
Aug 4, 1998 CAF970011 Order Granting in Part and Denying in Part Complainant's Motion in Limine Disciplinary Order
Jul 29, 1998 C10960162 Douglas John Mangan Disciplinary Decision
Jul 28, 1998 C02970027 Nancy H. Martin Disciplinary Decision
Jul 24, 1998 C07970045 Ted D. Wells Disciplinary Decision
Jul 22, 1998 C8B960042 John A. Chepak Disciplinary Decision
Jul 22, 1998 C8B960042 In the Matter of District Business Conduct Committee For District No. 8, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Jul 20, 1998 C10970141 Order Regarding Pre-Hearing Conference Disciplinary Order
Jul 13, 1998 CMS920091 Michael J. Markowski & Joseph F. Riccio Disciplinary Decision
Jul 9, 1998 C01970012 In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Jul 9, 1998 C01970012 Monterey Bay Securities, Inc., & Kenneth Mark Doolittle Disciplinary Decision
Jul 8, 1998 C10970007 Lawrence P. Bruno, Jr. Disciplinary Decision
Jul 2, 1998 C07950058 In the Matter of District Business Conduct Committee For District No. 7 Complainant, vs. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Jul 2, 1998 C07950058 International Trading Group, Inc., & Daniel E. Carter Disciplinary Decision
Jul 2, 1998 C01970017 Glen McKinley Richars, III Disciplinary Decision
Jul 2, 1998 C01970012 Monterey Bay Securities, Inc., & Kenneth Mark Doolittle Disciplinary Decision
Jul 1, 1998 C07970051 Richard Timothy Greene Disciplinary Decision

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