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|
|Apr 30, 2015||SD-1960||Scott Mathis with DPEC, Inc.||Statutory Disqualification, Approvals|
|Dec 12, 2008||C10040052||Scott Mathis||Disciplinary Decision|
|Jan 30, 2015||SD-1865||Scott H. Goldstein with Newbridge Securities Corp.||Statutory Disqualification, Approvals|
|Dec 20, 2007||C9B040098||Scott Epstein||Disciplinary Decision|
|Oct 18, 2005||C8A030078||Scott E. Wiard & James D. Reisinger||Disciplinary Decision|
|Aug 7, 2007||20060042305-01||Scheduling Order||Disciplinary Order|
|Jun 22, 2001||CAF990018||Ryan Mark Reynolds||Disciplinary Decision|
|Feb 24, 2012||2007011489301||Ryan A. Leopold||Disciplinary Decision|
|Oct 3, 2005||FPI040002||Ryan & Company, LP and Scott W. Ryan||Disciplinary Decision|
|Feb 29, 2008||20070077587||Rulings on Pre-Hearing Motions and Notice of Hearing||Disciplinary Order|
|Oct 6, 1999||DFC990003||Rule 9530 Suspension Proceeding DFC990003||Expedited Decision, Rule 9530 Suspension Decisions|
|Dec 26, 2000||DFC000003||Rule 9530 Suspension Proceeding DFC000003||Expedited Decision, Rule 9530 Suspension Decisions|
|Aug 13, 2008||E8A2003091501||Roy M. Strong||Disciplinary Decision|
|Dec 22, 2015||2010025350001||Roric E. Griffith||Disciplinary Decision|
|Mar 2, 2006||C9B020032||Rooney A. Sahai||Disciplinary Decision|
|Aug 12, 2004||C9B020032||Rooney A. Sahai||Disciplinary Decision|
|Jan 4, 2008||C3B050012||Ronald Pellegrino||Disciplinary Decision|
|Dec 11, 2014||SD-1997||Ronald M. Berman||Statutory Disqualification, Denials|
|Aug 12, 2016||2013039639101||Ronald Leslie Geffner||Disciplinary Decision|
|Feb 25, 2014||2011025643201||Ronald E. Walblay||Disciplinary Decision|
|Nov 3, 1999||C02980025||Roger Harry Chlowitz||Disciplinary Decision|
|Mar 27, 2002||C8A000059||Roger A. Hanson||Disciplinary Decision|
|Jun 24, 2015||20070092503-01||Robin Maranda Oscher||Disciplinary Decision|
|Mar 30, 1999||C01970021||Robin Bruce McNabb||Disciplinary Decision|
|Jan 23, 2001||C02990042,C02980085||Robert Tretiak||Disciplinary Decision|