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
Mar 30, 2015 2011025675501 APPEALED: Kimberly Springsteen-Abbott Disciplinary Decision
Jul 20, 2017 2011025675501r APPEALED: Kimberly Springsteen-Abbott Disciplinary Decision
Dec 1, 2014 2011025676501 Order Granting, In Part, Motion for More Definite Statement Disciplinary Order
Oct 2, 2015 2011025679201 MSC – BD, LLC and Paul J. McIntyre Disciplinary Decision
Feb 3, 2015 2011025706401 Order Granting Department of Enforcement’s Motion for Leave to Offer Expert Testimony Disciplinary Order
Jun 12, 2013 2011025780101 Order Denying Respondent’s Motion to Compel the Department of Enforcement to Produce Withheld Documents Disciplinary Order
Mar 30, 2015 2011025785602 Anthony Warren Thompson and TNP Securities, LLC Disciplinary Decision
Aug 3, 2016 2011025851501 APPEALED: KCD Financial, Inc. Disciplinary Decision
Jun 16, 2015 2011025851501 APPEALED: KCD Financial, Inc. Disciplinary Decision
Mar 28, 2014 2011025899601 Hearing Panel Decision in Department of Enforcement v. David Harari and Sian Harari Disciplinary Decision
Mar 9, 2015 2011025899601 David and Sian Harari Disciplinary Decision
Sep 19, 2013 2011025957702 Amended Hearing Panel Decision in Department of Enforcement v. Gary Mark Giblen Disciplinary Decision
Dec 10, 2014 2011025957702 Gary Giblen Disciplinary Decision
Jan 13, 2017 2011026346206 Jaoshiang Luo Disciplinary Decision
Dec 10, 2014 2011026386001 Order Appointing Replacement Hearing Officer, Amending Caption, and Setting Hearing Dates Disciplinary Order
Jun 29, 2015 20110263957-01 Jack Lawrence Howard Disciplinary Decision
Jan 28, 2014 2011026664301 Amended Hearing Panel Decision in Department of Enforcement v. Gardnyr Michael Capital Inc. and Pfilip Gardnyr Hunt, Jr. Disciplinary Decision
Oct 23, 2012 2011026664301 Order Granting in Part and Denying in Part the Department of Enforcement’s Motion to Strike the Answer and Order the Filing of a New Answer Disciplinary Order
Mar 10, 2015 2011026788801 Keith Geary Disciplinary Decision
Jun 17, 2014 2011026788801 Order Denying Summary Disposition Disciplinary Order
Dec 10, 2013 2011026874301 Hearing Panel Decision in Department of Enforcement v. William L. Tatro Disciplinary Decision
Mar 13, 2013 2011026874301 Memorandum Order Directing Respondent to Comply with Rule 8210 Request for Information Regarding Respondent’s Reliance on Counsel Defense Disciplinary Order
Dec 17, 2013 20110269351 Hearing Panel Decision in Department of Market Regulation v. John Cherry III Disciplinary Decision
Mar 3, 2015 20110269351 John Cherry, III Disciplinary Decision
Dec 21, 2017 2011027007901 Shashishekhar Doni Disciplinary Decision

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