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|
|Mar 26, 2000||CAF980002||Order Regarding Respondents' Motion to Preclude Designation of Transcripts; Respondents' Motion for a Protective Order; and Enforcement's Motion for Post-Hearing Submissions in Excess of Twenty-Five Pages||Disciplinary Order|
|Mar 27, 2000||C10970176||Hearing Panel Decision in Department of Enforcement v. Robert FitzPatrick||Disciplinary Decision|
|Mar 28, 2000||C1000010||Order Granting Enforcement's Motion for Leave to Withhold From Production Certain Documents||Disciplinary Order|
|Apr 4, 2000||C0500006||Order Granting in Part Respondent Motion for More Definite Statement||Disciplinary Order|
|Apr 6, 2000||C07960105||Wayne B. Vaughan||Disciplinary Decision|
|Apr 10, 2000||C01990002||Bernard San Juan Rondez||Disciplinary Decision|
|Apr 14, 2000||CMS960174||Vincent M. Carrella||Disciplinary Decision|
|Apr 18, 2000||C3A980069||Michael A. Usher||Disciplinary Decision|
|Apr 19, 2000||C07990016||James O. Baxter, Jr.||Disciplinary Decision|
|Apr 20, 2000||C10970141||Marlowe Robert Walker, III||Disciplinary Decision|
|Apr 24, 2000||C8A990032||Hearing Panel Decision in Department of Enforcement v. Marcus K. Hughes and Christopher Aden||Disciplinary Decision|
|May 5, 2000||C10990212||Order Granting Enforcement's Motion to Consolidate||Disciplinary Order|
|May 5, 2000||CAF990007||Order Denying Respondents' Motion Seeking Leave to Introduce Expert Witness Testimony||Disciplinary Order|
|May 17, 2000||C10970143||Order Denying Respondents' Motion to Compel Production of Information and Documents from Customer Witnesses||Disciplinary Order|
|Jun 1, 2000||CMS970027||Jerome E. Rosen||Disciplinary Decision|
|Jun 2, 2000||CAF980029||Aleksandr Shvarts||Disciplinary Decision|
|Jun 5, 2000||C05990034||Hearing Panel Decision in Department of Enforcement v. Charles Douglas Gulley, Jr.||Disciplinary Decision|
|Jun 6, 2000||C9A990007||Hearing Panel Decision in Department of Enforcement v. Daniel D. Manoff||Disciplinary Decision|
|Jun 8, 2000||C07990033||Hearing Panel Decision in Department of Enforcement v. Len K. Furman||Disciplinary Decision|
|Jun 12, 2000||C10990172||Hearing Panel Decision in Department of Enforcement v. John L. Bauer||Disciplinary Decision|
|Jun 13, 2000||C8A990025||Hearing Panel Decision in Department of Enforcement v. Timothy James Fergus, Frank Thomas Devine, and Richard Alan Blake||Disciplinary Decision|
|Jun 13, 2000||CMS000015||Notice of Withdrawal of Hearing Officer||Disciplinary Order|
|Jun 14, 2000||C8A000022||Order Denying Respondent's Motion for Withheld Document List||Disciplinary Order|
|Jun 19, 2000||C9A980032||In the Matter of Department of Enforcement, Complainant v. Respondent 1||Disciplinary Decision, Redacted Decision|
|Jun 23, 2000||C10990121||Majority Hearing Panel Decision in Department of Enforcement v. Nelson C. Onyejiaka - Dissent Attached||Disciplinary Decision|