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
Apr 26, 2001 C9A990007 Daniel D. Manoff Disciplinary Decision
Dec 12, 2012 2008011701203 Daniel James Gallagher Disciplinary Decision
Nov 16, 2000 C11970032 Daniel Richard Howard Disciplinary Decision
Jun 15, 1999 C3A970031 Daniel S. Hellen Disciplinary Decision
Jul 25, 2007 C8A050055 Daniel W. Bukovcik Disciplinary Decision
Nov 18, 1998 C01960020 Daniel Wright Sisson Disciplinary Decision
Dec 17, 2010 2007009848801 Dante J. DiFrancesco Disciplinary Decision
Nov 20, 1997 C07960110 Darren L. Klemp Disciplinary Decision
Aug 10, 2015 SD-MCDC-021 et al. Davenport & Company LLC, Piper Jaffray & Co., Robert W. Baird & Co., Incorporated Stephens Inc., Sterne, Agee & Leach, Inc., William Blair & Company LLC Statutory Disqualification, Approvals
Dec 1, 1997 C10960019 David A. Blech Disciplinary Decision
Jun 3, 2016 2013035211801 APPEALED: David A. Elgart Disciplinary Decision
Mar 16, 2017 2013035211801 APPEALED: David Adam Elgart Disciplinary Decision
Mar 9, 2015 2011025899601 David and Sian Harari Disciplinary Decision
May 16, 2016 2010022977801 APPEALED: David B. Tysk Disciplinary Decision
Jul 20, 2017 2012034936005 David Joseph Escarcega Disciplinary Decision
Feb 29, 2016 2012034936005 APPEALED: David Joseph Escarcega Disciplinary Decision
Jun 3, 2014 2010023724601 David Kristian Evansen Disciplinary Decision
Sep 1, 2000 C8A990017 David L. Foran Disciplinary Decision
Dec 27, 2017 2015045456401 APPEALED: David O. Braeger Disciplinary Decision
Apr 5, 2018 David P. Brown Statutory Disqualification, Approvals
Sep 9, 2014 SD-2012 David S. Thomas, Jr. with Purshe Kaplan Sterling Investments, Inc. Statutory Disqualification, Approvals
Sep 7, 2004 C3B020015 Davrey Financial Services, Inc. Disciplinary Decision
Aug 2, 2016 FPI160006 Dawn Bennett Expedited Decision
Jan 26, 2006 FPI050010 Decision in Department of Enforcement v. James J. Brazil Expedited Decision, Rule 9550 Expedited Decisions
Jun 28, 2006 ARB060005 Decision in Department of Enforcement v. Respondent Expedited Decision, Rule 9550 Expedited Decisions

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