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 25, 2013||2009017798902||Extended Hearing Panel Decision in Depatment of Enforcement v. Respondent 1 and Respondent 2||Redacted Decision|
|Oct 5, 2015||2009017899801||APPEALED: Rani T. Jarkas||Disciplinary Decision|
|Feb 7, 2014||2009017899801||Hearing Panel Decision in Department of Enforcement v. Rani T. Jarkas and William H. Carson||Disciplinary Decision|
|May 10, 2012||2009017918001||Hearing Panel Decision in Department of Enforcement v. John D. Rausch||Disciplinary Decision|
|Dec 18, 2012||2009018068701||Harry W. Hunt||Disciplinary Decision|
|Oct 17, 2011||2009018068701||Hearing Panel Decision in Department of Enforcement v. Harry W. Hunt||Disciplinary Decision|
|Feb 20, 2014||2009018076101||Blair Alexander West||Disciplinary Decision|
|Jul 26, 2012||2009018076101||Hearing Panel Decision in Department of Enforcement v. Blair A. West||Disciplinary Decision|
|Sep 28, 2010||20090182345||In the Matter of the New Membership Application of Firm A||Membership Decision|
|Nov 19, 2012||2009018377601||Hearing Panel Decision in Department of Enforcement v. Michael J. Binstock||Disciplinary Decision|
|Dec 31, 2013||2009018771602||Robert H. Watkins||Disciplinary Decision|
|Oct 12, 2012||2009018771602||Hearing Panel Decision in Department of Enforcement v. Respondent||Redacted Decision|
|Mar 14, 2012||2009018771602||Order Denying Respondent’s Motion to Present Expert Witness||Disciplinary Order|
|Jun 28, 2013||2009018818101||Hearing Panel Decision in Department of Enforcement v. Anthony G. Manaia||Disciplinary Decision|
|Dec 6, 2011||2009018819001||Extended Hearing Panel Decision in Department of Enforcement v. Nicholas D. Skaltsounis, Respondent 2, and John B. Guyette||Disciplinary Decision|
|Feb 23, 2012||2009018944001||Hearing Panel Decision in Department of Enforcement v. Daniel Edward Becerril, II||Disciplinary Decision|
|Aug 11, 2014||2009019042402||Extended Hearing Panel Decision in Department of Enforcement v. James E. Rooney, Jr.||Disciplinary Decision|
|Jun 3, 2013||2009019042402||Order Denying Respondent’s Motion to Disqualify Josefina Martinez and Motion to Compel Testimony and Production of Documents by Josefina Martinez||Disciplinary Order|
|Jan 2, 2013||2009019108901||Order Denying Motion by Respondent 1 for an Extension of Time – Hearing||Disciplinary Order|
|Nov 5, 2013||2009019108901||Hearing Panel Decision in Department of Enforcement v. William Scholander and Talman Harris||Disciplinary Decision|
|Dec 29, 2014||2009019108901||APPEALED: William Scholander and Talman Harris||Disciplinary Decision, Redacted Decision|
|Sep 22, 2011||20090192254||Memorandum Opinion and Order Denying Respondent’s Motion to Set Aside Default Decision||Disciplinary Order|
|Apr 2, 2012||2009019297801||Hearing Panel Decision in Department of Enforcement v. Dame Cisse||Disciplinary Decision|
|Apr 24, 2013||2009019369302||Jeff Ng||Disciplinary Decision|
|Jun 14, 2012||2009019369302||Amended Hearing Panel Decision in Department of Enforcement v. Jeff Ng||Disciplinary Decision|