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|
|Aug 8, 2003||C02010041||Anthony H. Barkate||Disciplinary Decision|
|May 18, 2005||CMS030269||Anthony John Orlando, Jr. and Philip Anthony Orlando||Disciplinary Decision|
|May 4, 2015||2009016159110||Anthony Spagnolo, III||Disciplinary Decision|
|Mar 30, 2015||2011025785602||Anthony Warren Thompson and TNP Securities, LLC||Disciplinary Decision|
|Dec 18, 2015||2012034393801||APPEALED: Aon D. Miller||Disciplinary Decision|
|Aug 7, 2008||CMS040165||Ara Proudian||Disciplinary Decision|
|Jul 28, 2006||CAF030067||Asensio Brokerage Services, Inc. n/k/a Integral Securities, Inc., and Manuel Peter Asensio||Disciplinary Decision|
|Nov 5, 1997||C01950010||Ashton N. Gowadia||Disciplinary Decision|
|Sep 19, 1997||C3A940064||Aspen Capital Group, Inc., & Stephen Carlson||Disciplinary Decision|
|Jun 26, 2015||2011030072301||Audra Lynn Lalley||Disciplinary Decision|
|Mar 14, 2018||2016052347901||APPEALED: Austin Wayne Morton||Disciplinary Decision|
|Sep 20, 2016||2015044960501||APPEALED: Avenir Financial Group, Michael Todd Clements, and Karim Ahmed Ibrahim||Disciplinary Decision|
|Nov 17, 2000||C10990024||Averell Golub||Disciplinary Decision|
|Aug 10, 2015||SD-MCDC-014 et al.||B.C. Ziegler and Company, Benchmark Securities, LLC, Bernardi Securities, Inc., BOSC, Inc., Central States Capital Markets, LLC, City Securities Corporation, The Baker Group, LP||Statutory Disqualification, Approvals|
|Mar 24, 2016||SD-MCDC-059 et al||Barclays Capital Inc., Hilltop Securities, Inc., Jefferies LLC||Statutory Disqualification, Approvals|
|May 19, 2006||C01040019||Beerbaum & Beerbaum Financial and Insurance Services, Inc., and Hans N. Beerbaum||Disciplinary Decision|
|Oct 2, 2014||20130379350||APPEALED: Bering Strait Securities, Inc.||Membership Decision|
|Dec 22, 2014||2012034389202||APPEALED: Bernard G. McGee||Disciplinary Decision|
|Jul 18, 2016||2012034389202||APPEALED: Bernard G. McGee||Disciplinary Decision|
|Apr 10, 2000||C01990002||Bernard San Juan Rondez||Disciplinary Decision|
|Aug 24, 2016||20100226911-02||Bharminder Singh||Disciplinary Decision|
|Feb 20, 2014||2009018076101||Blair Alexander West||Disciplinary Decision|
|Jul 18, 2014||2009019837302||APPEALED: Blair C. Mielke and Frederick W. Shultz||Disciplinary Decision|
|Aug 10, 2015||SD-MCDC-018 et al.||BMO Capital Markets GKST Inc., BNY Mellon Capital Markets, LLC, Dougherty & Company LLC, George K. Baum & Company, Hutchinson, Shockey, Erley & Co.||Statutory Disqualification, Approvals|
|Mar 24, 2016||SD-MCDC-053 et al||Boenning & Scattergood, Inc., First Midstate, Inc., Mitsubishi UFJ Securities (USA), Inc., Municipal Capital Markets Group, Inc., Roosevelt & Cross, Inc.||Statutory Disqualification, Approvals|