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 10, 2015||SD-MCDC-021 et al.||Davenport & Company LLC, Piper Jaffray & Co., Robert W. Baird & Co., Incorporated Stephens Inc., Sterne, Agee & Leach, Inc., William Blair & Company LLC||Statutory Disqualification, Approvals|
|Dec 1, 1997||C10960019||David A. Blech||Disciplinary Decision|
|Jun 3, 2016||2013035211801||APPEALED: David A. Elgart||Disciplinary Decision|
|Mar 16, 2017||2013035211801||APPEALED: David Adam Elgart||Disciplinary Decision|
|Mar 9, 2015||2011025899601||David and Sian Harari||Disciplinary Decision|
|May 16, 2016||2010022977801||APPEALED: David B. Tysk||Disciplinary Decision|
|Jul 20, 2017||2012034936005||David Joseph Escarcega||Disciplinary Decision|
|Feb 29, 2016||2012034936005||APPEALED: David Joseph Escarcega||Disciplinary Decision|
|Jun 3, 2014||2010023724601||David Kristian Evansen||Disciplinary Decision|
|Sep 1, 2000||C8A990017||David L. Foran||Disciplinary Decision|
|Dec 27, 2017||2015045456401||APPEALED: David O. Braeger||Disciplinary Decision|
|Apr 5, 2018||David P. Brown||Statutory Disqualification, Approvals|
|Sep 9, 2014||SD-2012||David S. Thomas, Jr. with Purshe Kaplan Sterling Investments, Inc.||Statutory Disqualification, Approvals|
|Sep 7, 2004||C3B020015||Davrey Financial Services, Inc.||Disciplinary Decision|
|Aug 2, 2016||FPI160006||Dawn Bennett||Expedited Decision|
|Jan 26, 2006||FPI050010||Decision in Department of Enforcement v. James J. Brazil||Expedited Decision, Rule 9550 Expedited Decisions|
|Sep 26, 2005||ARB040051||Decision in Department of Enforcement v. Respondent||Expedited Decision, Rule 9550 Expedited Decisions|
|Jun 28, 2006||ARB060005||Decision in Department of Enforcement v. Respondent||Expedited Decision, Rule 9550 Expedited Decisions|
|Sep 15, 2006||FPI060008||Decision in Department of Market Regulation v. Respondent||Expedited Decision, Rule 9550 Expedited Decisions, Redacted Decision|
|Apr 5, 2006||DFC050011||Decision in NASD Treasurer v. Lee Fisher||Expedited Decision, Rule 9550 Expedited Decisions|
|Dec 18, 2009||2006006192901||Denis William Kraemer, Jr.||Disciplinary Decision|
|May 9, 2014||2010023349601||APPEALED: Denise M. Olson||Disciplinary Decision|
|Apr 30, 2018||201404186800||APPEALED: Dennis A. Mehringer, Jr.||Disciplinary Decision|
|May 7, 2007||C04050014||Dennis P. Cooper||Disciplinary Decision|
|Mar 20, 2002||CAF000033||Dennis Sturm||Disciplinary Decision|