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 ascending Title Type
Feb 24, 2012 2007011489301 Ryan A. Leopold Disciplinary Decision
May 21, 2010 2007011489301 Hearing Panel Decision in Department of Enforcement v. Ryan A. Leopold Disciplinary Decision
Mar 18, 2011 2007011413501 Order Denying the Respondents’ Motion to Compel Production of Documents; for Production of a List of Withheld Documents; and to Extend Deadlines and Hearing Dates Disciplinary Order
May 16, 2011 2007011413501 Order Denying Respondents’ Motion to Exclude Certain Portions of the Expert Report of HGF and to Preclude His Expert Testimony on the Issue of Suitability Disciplinary Order
Apr 16, 2015 2007011413501 APPEALED: Brookstone Securities, Inc., Antony Lee Turbeville, Christopher Dean Kline and David William Locy Disciplinary Decision
May 31, 2012 2007011413501 Extended Hearing Panel Decision in Department of Enforcement v. Brookstone Securities, Inc., Antony Lee Turbeville, Christopher Dean Kline, and David William Locy Disciplinary Decision
Mar 16, 2010 2007011250901 Hearing Panel Decision in Department of Enforcement v. Angela Dionne Reed Disciplinary Decision
Oct 1, 2013 2007010902501 Jeffrey B. Pierce Disciplinary Decision
Jan 30, 2012 2007010902501 Hearing Panel Decision in Department of Enforcement v. Jeffrey B. Pierce Disciplinary Decision
Nov 18, 2011 2007010580702 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
May 18, 2011 2007010580702 Order Granting Enforcement’s Motion Concerning the Testimony of MO, MB, and JF, and Denying the Respondent’s Motion to Exclude Their Testimony Disciplinary Order
Feb 15, 2013 2007010580702 Dennis Thomas Palmeri, Jr. Disciplinary Decision
Jul 14, 2009 2007010450601 Amended Hearing Panel Decision in Department of Enforcement v. Dennis Brown Disciplinary Decision
Jun 8, 2011 2007010398802 Order on Enforcement’s Objections to Respondent’s Proposed Exhibit List and Motion In Limine in Part Disciplinary Order
Oct 13, 2011 2007010398802 Hearing Panel Decision in Department of Enforcement v. Alexander H. McKinnis Disciplinary Decision
Jul 30, 2010 2007010306901 FCS Securities and Dale Kleinser Disciplinary Decision
May 13, 2009 2007010306901 Hearing Panel Decision in Department of Enforcement v. FCS Securities and Respondent 2 Disciplinary Decision
Apr 27, 2009 2007010236401 Hearing Panel Decision in Department of Enforcement v. Valerie Elaine King Disciplinary Decision
Dec 19, 2011 2007010158001 Hearing Panel Decision in Department of Enforcement v. CapWest Securities Inc. Disciplinary Decision
Feb 26, 2013 2007010158001 CapWest Securities, Inc.: Appealed Disciplinary Decision
May 10, 2010 2007009981201 Hearing Panel Decision in Department of Enforcement v. Robert D. Tucker Disciplinary Decision
Oct 4, 2011 2007009981201 Robert D. Tucker Disciplinary Decision
Dec 17, 2010 2007009848801 Dante J. DiFrancesco Disciplinary Decision
Dec 1, 2009 2007009848801 Hearing Panel Decision in Department of Enforcement v. Dante J. DiFrancesco Disciplinary Decision
Nov 13, 2008 2007009702901 Hearing Panel Decision in Department of Enforcement v. Edward D. Crary, Jr. Disciplinary Decision

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