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
Apr 18, 2016 2011027007901 APPEALED: Shashishekhar Doni Disciplinary Decision
Jul 25, 2014 2011027007901 APPEALED: Shashishekhar Doni Disciplinary Decision
Mar 17, 2015 2011027271901 Richard Blair Disciplinary Decision
Dec 17, 2015 20110273503 Richard A. McGuire Disciplinary Decision
Nov 3, 2014 20110273503 Richard A. McGuire Disciplinary Decision
Aug 5, 2014 2011027402201 CALLED FOR REVIEW: Raymond Thomas Clark Disciplinary Decision
Jul 3, 2014 20110275168-01 Hearing Panel Decision in Department of Market Regulation v. Jonathan Kohanof Disciplinary Decision
May 26, 2017 2011027666902 APPEALED: Merrimac Corporate Securities, Inc., and Robert G. Nash Disciplinary Decision
Mar 31, 2015 2011027666902 APPEALED: Merrimac Corporate Securities, Inc. and Robert Nash Disciplinary Decision
May 18, 2015 20110279263-01 APPEALED: Matthew Joseph Sheerin Disciplinary Decision
Mar 13, 2017 2011027926301 Matthew Joseph Sheerin Disciplinary Decision
Apr 23, 2014 2011027993301 Hearing Panel Decision in Department of Enforcement v. Michael Earl McCune Disciplinary Decision
Jul 27, 2015 2011027993301 APPEALED: Michael Earl McCune Disciplinary Decision
May 27, 2014 2011028003001 Hearing Panel Decision in Department of Enforcement v. Ashik Akberali Kapasi Disciplinary Decision
Apr 29, 2014 2011028061001 Hearing Panel Decision in Department of Enforcement v. Keilen Dimone Wiley Disciplinary Decision
Feb 27, 2015 2011028061001 APPEALED: Keilen Dimone Wiley Disciplinary Decision
May 16, 2014 2011028502101 Hearing Panel Decision in Department of Enforcement v. North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jul 19, 2016 2011028502101 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jan 20, 2015 2011028647101 John Carris Investments, LLC, George Carris, Andrey Tkatchenko, Jason Barter, and Randy Heckler Disciplinary Decision
Feb 19, 2013 2011029152401 Hearing Panel Decision in Department of Enforcement v. William B. Smith Disciplinary Decision
Feb 21, 2014 2011029152401 William Bruce Smith Disciplinary Decision
Jan 21, 2014 2011029227701 Hearing Panel Decision in Department of Enforcement v. Kam Poi Yee Disciplinary Decision
Mar 17, 2017 2011029549201 Craig G. Langweiler Disciplinary Decision
Jan 23, 2014 2011029619301 Hearing Panel Decision in Department of Enforcement v. Kenny Akindemowo Disciplinary Decision
Dec 29, 2015 2011029619301 APPEALED: Kenny Akindemowo Disciplinary Decision

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