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|
|Jun 4, 1998||C07970024||Michael L. Yancey||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 12, 1998||C9B950010||Eliezer Gurfel||Disciplinary Decision|
|Jun 12, 1998||C10930017||Rafael Pinchas||Disciplinary Decision|
|Jun 16, 1998||C3A970009||Hearing Panel Decision in Department of Enforcement v. W.B. McKee Securities, et al||Disciplinary Decision|
|Jun 24, 1998||C10970120||Hearing Panel Decision in Department of Enforcement v. Frank Rocky Mazzei and GKN Securities Corporation||Disciplinary Decision|
|Jun 29, 1998||No Complaint Number||Carlisle Investment Group, Ltd.||Disciplinary Decision|
|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|
|Jul 1, 1998||C07970051||Richard Timothy Greene||Disciplinary 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 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 8, 1998||C10970007||Lawrence P. Bruno, Jr.||Disciplinary Decision|
|Jul 9, 1998||C01970012||Monterey Bay Securities, Inc., & Kenneth Mark Doolittle||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 13, 1998||CMS920091||Michael J. Markowski & Joseph F. Riccio||Disciplinary Decision|
|Jul 20, 1998||C10970141||Order Regarding Pre-Hearing Conference||Disciplinary Order|
|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 22, 1998||C8B960042||John A. Chepak||Disciplinary Decision|
|Jul 24, 1998||C07970045||Ted D. Wells||Disciplinary Decision|
|Jul 28, 1998||C02970027||Nancy H. Martin||Disciplinary Decision|
|Jul 29, 1998||C10960162||Douglas John Mangan||Disciplinary Decision|
|Aug 4, 1998||CAF970011||Order Granting in Part and Denying in Part Complainant's Motion in Limine||Disciplinary Order|