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
Jun 30, 1998 C3A970072 Hearing Panel Decision in Department of Enforcement v. Christopher E. Jann Disciplinary Decision
Jun 30, 1998 C01980001 Hearing Panel Decision in Department of Enforcement v. Donald Clewell Maier Disciplinary Decision
Jun 29, 1998 No Complaint Number Carlisle Investment Group, Ltd. Disciplinary Decision
Jun 24, 1998 C10970120 Hearing Panel Decision in Department of Enforcement v. Frank Rocky Mazzei and GKN Securities Corporation Disciplinary Decision
Jun 16, 1998 C3A970009 Hearing Panel Decision in Department of Enforcement v. W.B. McKee Securities, et al Disciplinary Decision
Jun 12, 1998 C9B950010 Eliezer Gurfel Disciplinary Decision
Jun 12, 1998 C10930017 Rafael Pinchas Disciplinary Decision
Jun 10, 1998 C3A960009 In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent Firm and Mr. Robert L. Stevens Disciplinary Decision, Redacted Decision
Jun 4, 1998 C07970024 Michael L. Yancey Disciplinary Decision
Jun 3, 1998 CMS970028 Hearing Panel Decision Redacted Decision
May 18, 1998 CAF970002 Order Denying Motions for Production of Documents Pursuant to Rule 9252 Disciplinary Order
May 14, 1998 C9B970016 Hearing Panel Decision in Department of Enforcement v. Edward Golick Disciplinary Decision
May 14, 1998 C10970033 Hearing Panel Decision in Department of Enforcement v. Reynold Bradford Kern Disciplinary Decision
May 13, 1998 C3A960040 In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
May 6, 1998 C10970141 Order Granting Respondents' "Objection to Rule 8210 Requests" and Denying Motion of Respondents to File Reply Memorandum Disciplinary Order
Mar 22, 1998 C8A960040 Podesta & Co. & Carol P. Foley Disciplinary Decision
Mar 22, 1998 C8A960040 In the Matter of District Business Conduct Committee For District No. 8, Complainant, vs. Respondent Firm 1, and Respondent 2 Disciplinary Decision, Redacted Decision
Mar 19, 1998 C07970055 Hearing Panel Decision Redacted Decision
Mar 12, 1998 C3A960040 Cindy M. Goldberg Disciplinary Decision
Mar 10, 1998 CMS970026 Final Pre-Hearing Conference Order, Order Granting Respondents' Motion to Adjourn the March 17, 1998 Hearing, Order Rejecting Respondents' Contested Offer of Settlement, and Order Denying the Department of Enforcement's Motion for Partial Summary Disposition Disciplinary Order
Mar 10, 1998 C05970035 Order Granting in Part Motion of Complainant to Exclude Respondents' Expert Witness and Certain Other Witnesses Disciplinary Order
Mar 6, 1998 C02970007 Aaron Eugene Granath Disciplinary Decision
Mar 6, 1998 C07960085 Adam S. Levy Disciplinary Decision
Feb 27, 1998 CMS950110 La Jolla Capital Corp. & Harold Bailey Gallison, Jr. Disciplinary Decision
Feb 25, 1998 C10970033 Order Directing Written Submissions in Place of Hearing Disciplinary Order

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