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 14, 2012||2009019369302||Amended Hearing Panel Decision in Department of Enforcement v. Jeff Ng||Disciplinary Decision|
|Jan 4, 2011||20060052598-01||CALLED FOR REVIEW: Amended Hearing Panel Decision in Department of Enforcement v. John Joseph Plunkett||Disciplinary Decision|
|Aug 6, 2010||2005001988201||Amended Hearing Panel Decision in Department of Enforcement v. Mark B. Beloyan and Tradespot Markets, Inc.||Disciplinary Decision|
|May 21, 1999||C3A980069||Amended Hearing Panel Decision in Department of Enforcement v. Michael A. Usher||Disciplinary Decision|
|Mar 4, 2013||2008013864401||Amended Hearing Panel Decision in Department of Enforcement v. Michael Jennings, Brian Mulvey and Respondent 3||Disciplinary Decision|
|Dec 13, 2011||2008011762801||Amended Hearing Panel Decision in Department of Enforcement v. Mitchell Fillet||Disciplinary Decision|
|Jun 8, 2012||2007008724701||Amended Hearing Panel Decision in Department of Enforcement v. Randy Carlson||Disciplinary Decision|
|Aug 13, 2013||2009016159102||Amended Hearing Panel Decision in Department of Enforcement v. Respondent||Redacted Decision|
|Jan 29, 2009||2005003188901||Amended Hearing Panel Decision in Department of Enforcement v. Richard G. Cody||Disciplinary Decision|
|Sep 19, 2013||2009016317701||Amended Hearing Panel Decision in Department of Enforcement v. The Dratel Group, Inc. and William M. Dratel||Disciplinary Decision|
|Oct 29, 2011||2010021627601||Amended Hearing Panel Decision in Department of Enforcement v. Timothy L. Pittman||Disciplinary Decision|
|Dec 17, 2012||2009020081301||Amended Hearing Panel Decision in Department of Enforcement v. William M. Somerindyke, Jr. and Respondent 2||Disciplinary Decision|
|Apr 11, 2018||2014040761001||Amended Order Denying Respondent’s Motion for Partial Summary Disposition||Disciplinary Order|
|Aug 15, 2008||E1020040926-01||America First Associates Corp. and Joseph Ricupero||Disciplinary Decision|
|Apr 30, 2008||CE3050003||American Fund Distributors, Inc.||Disciplinary Decision|
|Oct 13, 2014||2010022977801||Ameriprise Financial Services, Inc. and David B. Tysk||Disciplinary Decision|
|Nov 30, 2015||SD-MCDC-046 et al.||Ameritas Investment Corp., Duncan-Williams, Inc., Estrada Hinojosa & Company, Inc., Fifth Third Securities, Inc., The Frazer Lanier Company, Inc., Joe Jolly & Co., Inc., NW Capital Markets, Inc., Prager & Co., LLC, Ross, Sinclaire & Associates, LLC||Statutory Disqualification, Approvals|
|May 7, 2003||CMS000015||Amr "Tony" Elgindy and Key West Securities, Inc.||Disciplinary Decision|
|Apr 27, 2004||C10020060||Andrew C. Knight||Disciplinary Decision|
|Apr 9, 1999||C10970156||Andrew D. Schiff||Disciplinary Decision|
|Dec 22, 1998||C10960149||Andrew Fensmark Harris||Disciplinary Decision|
|Aug 26, 2008||CAF040058||Andrew Gonchar and Polyvios Polyviou||Disciplinary Decision|
|Jul 27, 2007||E072004072501||Andrew J. Hardin||Disciplinary Decision|
|Oct 23, 2015||2013038136101||Andrew Lyman Quinn,||Disciplinary Decision|
|Dec 7, 2005||C10030088||Andrew P. Schneider||Disciplinary Decision|