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|
|Nov 30, 2012||20100248883-01||Hearing Panel Decision in Department of Enforcement v. Richard N. Maruyama||Disciplinary Decision|
|Jul 6, 2012||2010024889501||Order Granting Department of Enforcement’s Motion Regarding Sequestration of FINRA Staff Witnesses||Disciplinary Order|
|May 30, 2013||2010024889501||Extended Hearing Panel Decision in Department of Enforcement v. William B. Fretz, Jr., John P. Freeman, and The Keystone Equities Group, LP||Disciplinary Decision|
|Dec 17, 2015||2010024889501||William B. Fretz, Jr, John P. Freeman and The Keystone Equities Group, LP||Disciplinary Decision|
|Oct 15, 2013||2010024917601||Hearing Panel Decision in Department of Enforcement v. Ronald Moschetta||Disciplinary Decision|
|Mar 15, 2017||2010025087302||APPEALED: Thaddeus J. North||Disciplinary Decision|
|Dec 1, 2015||2010025087302||APPEALED: Thaddeus J. North||Disciplinary Decision|
|Oct 22, 2012||2010025132201||Hearing Panel Decision in Department of Enforcement v. Amy Siesennop||Disciplinary Decision|
|May 6, 2014||2010025181001||Hearing Panel Decision in Department of Enforcement v. John Vincent Ballard||Disciplinary Decision|
|Dec 17, 2015||2010025181001||APPEALED: John Vincent Ballard||Disciplinary Decision|
|Jun 13, 2014||2010025350001||Hearing Panel Decision in Department of Enforcement v. Roric E. Griffith||Disciplinary Decision|
|Dec 22, 2015||2010025350001||Roric E. Griffith||Disciplinary Decision|
|Jun 4, 2015||2011025444501||Order Denying Respondent's Motion to Strike Portions of Enforcement's Post-Hearing Appendix||Disciplinary Order|
|Oct 29, 2015||2011025444501||APPEALED: Wood (Arthur W.) Company||Disciplinary Decision|
|Mar 15, 2017||2011025444501||Wood (Arthur W.) Company, Inc.||Disciplinary Decision|
|Dec 27, 2013||2011025506901||Extended Hearing Panel Decision in Department of Enforcement v. Richard Hans Bach||Disciplinary Decision|
|Sep 27, 2013||2011025591601||Hearing Panel Decision in Department of Enforcement v. Highland Financial, LTD. and Gordon D. Smith.||Disciplinary Decision|
|Sep 9, 2014||2011025617702||Order Denying Respondents’ Motion to Permit Expert Testimony||Disciplinary Order|
|Apr 8, 2015||2011025622001||Order Denying Respondent's Motion for Leave to Permit Expert Testimony||Disciplinary Order|
|Aug 13, 2015||2011025622001||SWS Financial Service, Inc.||Disciplinary Decision|
|Feb 25, 2014||2011025643201||Ronald E. Walblay||Disciplinary Decision|
|Nov 1, 2012||2011025643201||Hearing Panel Decision Granting Department of Enforcement’s Motion for Summary Disposition in Department of Enforcement v. Ronald E. Walblay||Disciplinary Decision|
|Mar 12, 2013||2011025674101||Hearing Panel Decision in Department of Enforcement v. Shlomi S. Eplboim||Disciplinary Decision|
|May 14, 2014||2011025674101||Shlomi S. Eplboim||Disciplinary Decision|
|Aug 23, 2016||2011025675501||APPEALED: Kimberly Springsteen-Abbott||Disciplinary Decision|