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|
|Dec 11, 2017||SD-2144||Goldman, Sachs & Co.||Statutory Disqualification, Approvals|
|Dec 8, 2017||2013039306601||Michael Timothy Dolan||Disciplinary Decision|
|Dec 1, 2017||2014039775501||Case Management and Scheduling Order||Disciplinary Order|
|Nov 28, 2017||SD-2147||Morgan Stanley Smith Barney||Statutory Disqualification, Approvals|
|Nov 21, 2017||2013037522501||Order Adding Additional Exhibit into Evidentiary Record||Disciplinary Order|
|Nov 13, 2017||2013035345701||Order Sustaining Department of Enforcement’s Objection to Respondents’ Inclusion of Erin Vocke on their Proposed Witness List||Disciplinary Order|
|Nov 13, 2017||2015047154001||Order Denying Respondent’s Amended Motion to Grant Expert Testimony||Disciplinary Order|
|Nov 8, 2017||2014041985401||APPEALED: James Larkin Powers||Disciplinary Decision|
|Nov 8, 2017||2014040809501||Eddie Basora, Jr.||Disciplinary Decision|
|Nov 6, 2017||2015048048801||Hank M. Werner and Legend Securities, Inc.||Disciplinary Decision|
|Nov 3, 2017||SD-2160||Louis Capital Markets, LP||Statutory Disqualification, Approvals|
|Oct 25, 2017||2014042291901||APPEALED: Gopi K. Vungarala||Disciplinary Decision|
|Oct 5, 2017||2013038986001||APPEALED: Richard Allen Riemer, Jr.||Disciplinary Decision|
|Oct 3, 2017||ARB170022||Craig Arnold Sorenson||Expedited Decision|
|Oct 2, 2017||SD-2129||APPEALED: Bruce Zipper||Disciplinary Decision|
|Oct 2, 2017||2013037401001||APPEALED: Stanley Clayton Niekras||Disciplinary Decision|
|Sep 26, 2017||2012031748203||William Norris Jordan||Disciplinary Decision|
|Sep 8, 2017||2013035740901||Order Denying Respondents’ Motion for Summary Disposition||Disciplinary Order|
|Sep 6, 2017||2014040476901||APPEALED: C.L. King and Gregg Alan Miller||Disciplinary Decision|
|Sep 5, 2017||2016051925301||Order Granting Motion Regarding Witness Sequestration||Disciplinary Order|
|Sep 5, 2017||2016051925301||Order Granting Motion to Permit Witness Counsel to be Present During Testimony||Disciplinary Order|
|Aug 25, 2017||ARB170007||Timothy S. Fannin||Expedited Decision|
|Aug 22, 2017||2015047303901||Case Management and Scheduling Order||Disciplinary Order|
|Aug 16, 2017||2014043020901||Matthew J. Dodds||Disciplinary Decision|
|Aug 9, 2017||2015044782401||Case Management and Scheduling Order||Disciplinary Order|