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|
|Sep 13, 2000||CAF990018||Hearing Panel Decision in Department of Enforcement v. Premier Capital Management, Bryan James O'Leary, and Ryan Mark Reynolds||Disciplinary Decision|
|Sep 19, 2000||C10990212||Order Denying Enforcement's Motion for Partial Summary Disposition Against Respondent||Disciplinary Order|
|Sep 25, 2000||C8A990081||Hearing Panel Decision in Department of Enforcement v. James B. Chase||Disciplinary Decision|
|Sep 28, 2000||C10000140||Order Denying Motion for More Definite Statement||Disciplinary Order|
|Oct 3, 2000||C3A990031||Hearing Panel Decision in Department of Enforcement v. Charles W. Testino||Disciplinary Decision|
|Oct 5, 2000||C05000021||Order Granting Complainant's Motion for Leave to Offer Telephone Testimony and to Allow Witness to be Assisted by (Remote) Interpreter||Disciplinary Order|
|Oct 6, 2000||C9B000013||Order Denying Respondent's Motion for Leave to Offer Expert Witness Testimony||Disciplinary Order|
|Oct 9, 2000||C07000023||Pre-Hearing Order||Disciplinary Order|
|Oct 10, 2000||CAF000030||Order Granting Enforcement's Motion for Leave to Withhold from Production Certain Documents and Granting Other Relief||Disciplinary Order|
|Oct 16, 2000||C05940077||John P. Goldsworthy||Disciplinary Decision|
|Oct 20, 2000||C10990121||Majority Hearing Panel Decision in Department of Enforcement v. Nelson C. Onyejiaka - Dissent Attached||Disciplinary Decision|
|Nov 6, 2000||C05990035||Hearing Panel Decision on Remand in Department of Enforcement v. John Lawson Greer, III||Disciplinary Decision|
|Nov 6, 2000||C8A980059||In the Matter of Department of Enforcement, Complainant v. Respondent 1 and Respondent 2||Disciplinary Decision, Redacted Decision|
|Nov 13, 2000||C10970176||Robert Fitzpatrick||Disciplinary Decision|
|Nov 15, 2000||C3A990067||Hearing Panel Decision as to Respondent||Redacted Decision|
|Nov 16, 2000||C11970032||Daniel Richard Howard||Disciplinary Decision|
|Nov 16, 2000||C3A990050||Jim Newcomb||Disciplinary Decision|
|Nov 17, 2000||C10990024||Averell Golub||Disciplinary Decision|
|Dec 6, 2000||CAF980002||Hearing Panel Decision as to Respondents John Fiero and Fiero Brothers, Inc.||Disciplinary Decision|
|Dec 18, 2000||C10990014||Stephen Earl Prout||Disciplinary Decision|
|Dec 26, 2000||DFC000003||Rule 9530 Suspension Proceeding DFC000003||Expedited Decision, Rule 9530 Suspension Decisions|
|Dec 26, 2000||C10000122||Order Granting Motion to Allow Telephone Testimony||Disciplinary Order|
|Dec 27, 2000||C9B000007||Hearing Panel Decision in Department of Enforcement v. Frank Anthony Cardia, Jr. and Robert Daniel Louis||Disciplinary Decision|
|Jan 1, 2001||SD01021||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|Jan 1, 2001||SD01013||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|