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.

Appeals Process

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. Titlesort descending Type
Oct 2, 2018 2014042291901 APPEALED: Gopi Krishna Vungarala Disciplinary Decision
Dec 17, 1999 C02980051 Gordon Kerr Disciplinary Decision
Apr 19, 1999 C01970025 Gregory Paul Maggipinto Disciplinary Decision
Dec 18, 2006 C8A040079 Gregory R. Masceri Disciplinary Decision
Mar 7, 2012 2008012137601 Gregory Richard Imbruce Disciplinary Decision
May 13, 2004 C9A020052 Guang Lu Disciplinary Decision
Feb 3, 2015 SD-1865 Guy S. Amico with Newbridge Securities Corp. Statutory Disqualification, Approvals
Mar 7, 2019 SD-2148 Guy Wyser-Pratte Statutory Disqualification, Denials
Nov 6, 2017 2015048048801 Hank M. Werner and Legend Securities, Inc. Disciplinary Decision
Feb 5, 1999 C02960001 Harold B. Gallison, Jr., Gregory K. Mehlmann, Robert C. Weaver, Gerald R. Budke, Christopher S. Knight, La Jolla Capital Corporation Disciplinary Decision
Mar 2, 2012 20060051788-01 Harrison A. Hatzis Disciplinary Decision
Jul 26, 2010 2005000835801 Harry Friedman Disciplinary Decision
Mar 30, 1999 C02960039 Harry Gliksman & William Gallagher Disciplinary Decision
Dec 18, 2012 2009018068701 Harry W. Hunt Disciplinary Decision
Oct 6, 2008 2005001305701 Harvest Capital Investments, LLC and Dennis Cotto Disciplinary Decision
Dec 8, 2010 2007007151101 Hearing Decision in Department of Enforcement v. Merrimac Corporate Securities, Inc. Disciplinary Decision
May 7, 1999 CAF980094 Hearing Panel Decision Redacted Decision
Jun 3, 1998 CMS970028 Hearing Panel Decision Redacted Decision
May 6, 1999 CAF980080 Hearing Panel Decision Redacted Decision
Nov 18, 1999 C8A990015 Hearing Panel Decision Redacted Decision
Dec 23, 1998 C8A980045 Hearing Panel Decision Redacted Decision
Aug 21, 1998 CO5970035 Hearing Panel Decision Redacted Decision
Jul 29, 1999 CMS980108 Hearing Panel Decision Redacted Decision
May 6, 1999 C07980021 Hearing Panel Decision Redacted Decision
Mar 19, 1998 C07970055 Hearing Panel Decision Redacted Decision