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|
|Jan 6, 2017||2012030724101||Fox Financial Management Corporation, Brian A. Murphy, James E. Rooney, Jr.||Disciplinary Decision|
|May 25, 2018||SD-2189||Francis D. Moise, Sr., with First Western Securities, Inc.||Statutory Disqualification, Approvals|
|Feb 9, 1999||C06950029||Frank J. Ingersoll||Disciplinary Decision|
|Nov 13, 2003||CAF000013||Frank J. Skelly, III and Craig H. Gross||Disciplinary Decision|
|Nov 22, 2004||CAF030008||Frank Peter Quattrone||Disciplinary Decision|
|Jan 3, 2002||C07000033||Franklyn Ross Michelin & L.H. Ross & Co., Inc.||Disciplinary Decision|
|Apr 11, 2019||2016050025401||Frederick David Holloway||Disciplinary Decision|
|Sep 25, 2015||2012034211301||APPEALED: Fuad Ahmed||Disciplinary Decision|
|Feb 26, 2015||SD-2024||G-Trade Services LLC||Statutory Disqualification, Approvals|
|Mar 13, 2018||SD-2137||APPEALED: Gabriel Block||Statutory Disqualification, Denials|
|Dec 10, 2014||2011025957702||Gary Giblen||Disciplinary Decision|
|Feb 18, 2016||FPI150009||Gary James Lundgren||Expedited Decision, Non-Summary Proceeding|
|Nov 21, 2018||SD-2203||Gates Capital Corporation||Statutory Disqualification, Approvals|
|Oct 11, 2007||E0220030425-01||Geoffrey Ortiz||Disciplinary Decision|
|Apr 14, 2014||SD-2030||George L. Prost with Intercoastal Capital Markets, Inc.||Statutory Disqualification, Approvals|
|Apr 26, 2002||C10000037||George M. Goritz||Disciplinary Decision|
|Jan 21, 1999||C3B960026||Gerald Cash McNeil||Disciplinary Decision|
|Feb 26, 2010||2005001729501||Gerald J. Kesner||Disciplinary Decision|
|Apr 5, 2018||2015044600801||Gerard Chandler Gremillion||Disciplinary Decision|
|Jul 2, 1998||C01970017||Glen McKinley Richars, III||Disciplinary Decision|
|Apr 5, 2019||2016049565901||APPEALED: Glendale Securities, Inc., George Alberto Castillo, Paul Eric Flesche, Albert Raymond Laubenstein, Jose Miguel Abadin, and Huanwei Huang||Disciplinary Decision|
|Jul 20, 2017||2015044444801||Glenn Robert King||Disciplinary Decision|
|Dec 11, 2017||SD-2144||Goldman, Sachs & Co.||Statutory Disqualification, Approvals|
|Aug 10, 2015||SD-MCDC-026 et al.||Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Oppenheimer & Co. Inc., RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Inc.||Statutory Disqualification, Approvals|
|Oct 25, 2017||2014042291901||APPEALED: Gopi K. Vungarala||Disciplinary Decision|