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. Titlesort descending Type
Feb 26, 2015 SD-2024 G-Trade Services LLC Statutory Disqualification, Approvals
Dec 10, 2014 2011025957702 Gary Giblen Disciplinary Decision
Feb 18, 2016 FPI150009 Gary James Lundgren Expedited Decision, Non-Summary Proceeding
Oct 11, 2007 E0220030425-01 Geoffrey Ortiz Disciplinary Decision
Apr 14, 2014 SD-2030 George L. Prost with Intercoastal Capital Markets, Inc. Statutory Disqualification, Approvals
Apr 26, 2002 C10000037 George M. Goritz Disciplinary Decision
Jan 21, 1999 C3B960026 Gerald Cash McNeil Disciplinary Decision
Feb 26, 2010 2005001729501 Gerald J. Kesner Disciplinary Decision
Jul 2, 1998 C01970017 Glen McKinley Richars, III Disciplinary Decision
Jul 20, 2017 2015044444801 Glenn Robert King Disciplinary Decision
Aug 10, 2015 SD-MCDC-026 et al. Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Oppenheimer & Co. Inc., RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Inc. Statutory Disqualification, Approvals
Oct 25, 2017 2014042291901 APPEALED: Gopi K. Vungarala Disciplinary Decision
Dec 17, 1999 C02980051 Gordon Kerr Disciplinary Decision
Apr 19, 1999 C01970025 Gregory Paul Maggipinto Disciplinary Decision
Dec 18, 2006 C8A040079 Gregory R. Masceri Disciplinary Decision
Mar 7, 2012 2008012137601 Gregory Richard Imbruce Disciplinary Decision
May 13, 2004 C9A020052 Guang Lu Disciplinary Decision
Feb 3, 2015 SD-1865 Guy S. Amico with Newbridge Securities Corp. Statutory Disqualification, Approvals
Nov 6, 2017 2015048048801 Hank M. Werner and Legend Securities, Inc. Disciplinary Decision
Feb 5, 1999 C02960001 Harold B. Gallison, Jr., Gregory K. Mehlmann, Robert C. Weaver, Gerald R. Budke, Christopher S. Knight, La Jolla Capital Corporation Disciplinary Decision
Mar 2, 2012 20060051788-01 Harrison A. Hatzis Disciplinary Decision
Jul 26, 2010 2005000835801 Harry Friedman Disciplinary Decision
Mar 30, 1999 C02960039 Harry Gliksman & William Gallagher Disciplinary Decision
Dec 18, 2012 2009018068701 Harry W. Hunt Disciplinary Decision
Oct 6, 2008 2005001305701 Harvest Capital Investments, LLC and Dennis Cotto Disciplinary Decision

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