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.sort descending Title Type
Sep 18, 2012 2008014015901 Hearing Panel Decision in Department of Enforcement v. Jeremy D. Hare Disciplinary Decision
Jan 25, 2012 2008014285801 Hearing Panel Decision in Department of Enforcement v. Paul James Marshall Disciplinary Decision
Feb 15, 2013 2008014621701 Thomas Weisel Partners, LLC and Stephen H. Brinck, Jr. Disciplinary Decision
Jan 28, 2011 2008014621701 Order Granting Enforcement’s Motion to Permit Certain Witnesses to Have Counsel Present Disciplinary Order
Jul 12, 2010 2008014621701 Order Granting Respondent 2's Motion to File a Reply and Denying Respondent 2's Motion for More Definite Statement Disciplinary Order
Oct 8, 2010 2008014621701 Order Denying Respondents' Motion to Compel Production of Documents and List of Withheld Documents Disciplinary Order
Nov 8, 2011 2008014621701 Extended Hearing Panel Decision in Department of Enforcement v. Thomas Weisel Partners, LLC and Stephen H. Brinck, Jr. Disciplinary Decision
May 5, 2011 2008014712201 Hearing Panel Decision in Department of Enforcement v. Kirk L. Gravelle Disciplinary Decision
Dec 30, 2014 20080148227-02 Order Granting, in Part, and Denying in Part, Respondents 1, 4, 2’s Motions for More Definite Statement and Denying Respondent 3’s Motion for More Definite Statement Disciplinary Order
Feb 16, 2016 20080148227-02 Order Denying Respondents’ Preclusion Motion Disciplinary Order
Sep 21, 2015 20080148227-02 Order Granting Respondents’ Preclusion Motion Disciplinary Order
Nov 23, 2016 20080148227-02 Order Deferring Ruling on Joint Motion to Stay Proceedings. Disciplinary Order
Jun 15, 2010 2008014873201 Hearing Panel Decision in Department of Enforcement v. Nicholas Michael Rubino Disciplinary Decision
Apr 27, 2012 2008014969001 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Oct 7, 2013 20080150419 Extended Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
Jul 26, 2012 2008015105601 Nolan Wayne Moore Disciplinary Decision
Jun 9, 2011 2008015270701 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Aug 23, 2012 2008015617902 Hearing Panel Decision in Department of Enforcement v. Thomas H. Morrow Disciplinary Decision
Mar 30, 2012 2008015934801 Hearing Panel Decision in Department of Enforcement v. Alan J. Davidofsky Disciplinary Decision
Apr 26, 2013 2008015934801 Alan Jay Davidofsky Disciplinary Decision
Nov 3, 2010 2008016036901 Hearing Panel Decision in Department of Enforcement v. Thomas J. Charles, Jr. Disciplinary Decision
Oct 25, 2012 2008016437801 Hearing Panel Decision in Department of Enforcement v. Hugh Vincent Murray III Disciplinary Decision
Dec 17, 2013 2008016437801 Hugh Vincent Murray III Disciplinary Decision
Oct 3, 2014 2009016034101 APPEALED: Anthony A. Grey Disciplinary Decision
Jun 20, 2013 2009016034101 Hearing Panel Decision in Department of Enforcement v. Anthony A. Grey. Disciplinary Decision

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