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 27, 2013||20120321124-01||Hearing Panel Decision in Department of Enforcement v. Gregg Charles Lorenzo||Disciplinary Decision|
|Sep 30, 2014||2012032519101||Order Denying Respondent’s Motion for Production of Documents||Disciplinary Order|
|May 21, 2015||2012032519101||APPEALED: Robert Earl Holaday||Disciplinary Decision|
|Oct 3, 2016||2012032519101||Robert Earl Holaday||Disciplinary Decision|
|Feb 27, 2018||2012032731802||APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley||Disciplinary Decision|
|Jul 8, 2014||2012032950101||Hearing Panel Decision in Department of Enforcement v. Joseph R. Butler||Disciplinary Decision|
|Sep 25, 2015||2012032950101||APPEALED: Joseph R. Butler||Disciplinary Decision|
|Jul 16, 2015||2012032997201||APPEALED: Stephen Grivas||Disciplinary Decision|
|Feb 14, 2014||2012032997201||Hearing Panel Decision in Department of Enforcement v. Stephen Grivas||Disciplinary Decision|
|Sep 13, 2016||2012033105901||Order Granting Department of Enforcement’s Motion to Strike Affirmative Defense.||Disciplinary Order|
|Jun 30, 2015||2012033128703||APPEALED: Brian Michael White||Disciplinary Decision|
|Jul 16, 2014||2012033128703||Order Granting Motion to Limit Dissemination and Use of Personal Confidential Information||Disciplinary Order|
|Jul 18, 2016||2012033351801||Paolo Franca Iida||Disciplinary Decision|
|Apr 28, 2015||2012033351801||CALLED FOR REVIEW: Paolo Franca Iida||Disciplinary Decision|
|Jan 15, 2016||2012033362101||APPEALED: Thomas Edmund Connors||Disciplinary Decision|
|Jan 10, 2017||2012033362101||Thomas Edmund Connors||Disciplinary Decision|
|Feb 3, 2016||2012033393401||Order Granting in Part and Denying in Part Respondent’s Motion in Limine to Exclude the Testimony of KA, BS, and MC.||Disciplinary Order|
|Jan 9, 2015||20120334673-01||Department of Enforcement v. John Thomas Financial, Inc.||Disciplinary Decision|
|Sep 15, 2015||2012033508702||APPEALED: Wall Street Securities, Inc., Gary Savage, Sr., and Louis Karl Kittlaus||Disciplinary Decision|
|Oct 3, 2018||2012033832501||Matthew David Rubin||Disciplinary Decision|
|Dec 14, 2016||2012033832501||APPEALED: Matthew D. Rubin||Disciplinary Decision|
|Apr 2, 2015||2012034045101||Charles H. Melvin, Jr.||Disciplinary Decision|
|Sep 25, 2015||2012034211301||APPEALED: Fuad Ahmed||Disciplinary Decision|
|Jun 25, 2014||2012034211301||Hearing Panel Decision in Department of Enforcement v. Success Trade Securities, Inc. and Fuad Ahmed||Disciplinary Decision|
|Jul 28, 2016||20120342425-01||Order Concerning Parties’ Motion for Leave to Present Expert Testimony||Disciplinary Order|