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|
|Sep 20, 2012||2010021916601||Joseph S. Amundsen||Disciplinary Decision|
|Oct 25, 2012||2010022128301||Hearing Panel Decision in Department of Enforcement v. Respondent||Redacted Decision|
|Aug 12, 2014||20100226015-01||Hearing Panel Decision in Department of Enforcement v. Jack Brian Weinstock||Disciplinary Decision|
|Jul 21, 2016||2010022601501||Jack Brian Weinstock||Disciplinary Decision|
|Apr 15, 2011||20100226181||NAC Redacted Membership Decision 20100226181||Membership Decision|
|Aug 24, 2016||20100226911-02||Bharminder Singh||Disciplinary Decision|
|Oct 13, 2014||2010022977801||Ameriprise Financial Services, Inc. and David B. Tysk||Disciplinary Decision|
|May 16, 2016||2010022977801||APPEALED: David B. Tysk||Disciplinary Decision|
|Jan 18, 2013||2010023044101||Hearing Panel Decision in Department of Enforcement v. Jeffrey S. Geraci||Disciplinary Decision|
|Jan 24, 2014||2010023218601||Order Denying Respondent’s Discovery Motions.||Disciplinary Order|
|Jan 4, 2013||2010023349601||Hearing Panel Decision in Department of Enforcement v. Denise M. Olson||Disciplinary Decision|
|May 9, 2014||2010023349601||APPEALED: Denise M. Olson||Disciplinary Decision|
|Aug 30, 2012||2010023367001||Order Denying Respondent 1’s Motion to Compel Production of Withheld Documents||Disciplinary Order|
|Sep 15, 2011||2010023719601||Hearing Panel Decision in Department of Enforcement v. Chad A. McCartney||Disciplinary Decision|
|Dec 10, 2012||2010023719601||Chad A. McCartney||Disciplinary Decision|
|Jun 3, 2014||2010023724601||David Kristian Evansen||Disciplinary Decision|
|Jun 11, 2013||2010024062601||Hearing Panel Decision in Department of Enforcement v. Stephen Yarkpazuo Jensen||Disciplinary Decision|
|Jul 18, 2013||2010024271001||Hearing Panel Decision in Department of Enforcement v. Levinski Dealexis Barnes||Disciplinary Decision|
|Feb 26, 2013||2010024320101||Hearing Panel Decision in Department of Enforcement v. Timothy M. Wheeler||Disciplinary Decision|
|Oct 17, 2012||2010024320101||Order to Provide Verification in Support of Request for Continuance of Hearing||Disciplinary Order|
|Mar 23, 2016||2010024522103||APPEALED: Brett Ian Friedberg||Disciplinary Decision|
|Apr 8, 2015||2010024522103||Order Denying Motion Pursuant to FINRA Rule 9234||Disciplinary Order|
|Feb 23, 2015||2010024522103||Order Denying Respondents’ Motion Pursuant to Rule 9251||Disciplinary Order|
|Mar 21, 2013||2010024837301||Hearing Panel Decision in Department of Enforcement v. Carlos Francisco Otalvaro||Disciplinary Decision|
|Nov 30, 2012||20100248883-01||Hearing Panel Decision in Department of Enforcement v. Richard N. Maruyama||Disciplinary Decision|