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 Decisionsort ascending Proceeding No. Title Type
Nov 12, 1999 C9A980021 Robert J. Kendzierski Disciplinary Decision
Nov 9, 1999 C9B960013 Steven D. Goodman Disciplinary Decision
Nov 4, 1999 C8A980054 Sylvester Cannon, Jr. Disciplinary Decision
Nov 3, 1999 C02980025 Roger Harry Chlowitz Disciplinary Decision
Nov 3, 1999 C04970050 Ansula Pet Hwa Liu Disciplinary Decision
Nov 3, 1999 C02970018 In the Matter of District Business Conduct Committee For District No. 2, Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
Oct 31, 1999 CAF980025 Richard Stephen Levitov & Ralph Joseph Angeline Disciplinary Decision
Oct 18, 1999 C07990013 Hearing Panel Decision in Department of Enforcement v. Alberto E. Argomaniz Disciplinary Decision
Oct 18, 1999 CMS920002 Order Denying Motion to Stay Proceedings and to Vacate Current Scheduling Order Disciplinary Order
Oct 18, 1999 C07980011 Mark S. Balbirer Disciplinary Decision
Oct 6, 1999 DFC990003 Rule 9530 Suspension Proceeding DFC990003 Expedited Decision, Rule 9530 Suspension Decisions
Sep 30, 1999 CMS920002 Order Directing Complainant to Comply with Rule 9251 Disciplinary Order
Sep 27, 1999 C02990022 Order Denying Respondent's Request for Financial Assistance to Attend Hearing Disciplinary Order
Sep 27, 1999 CAF980002 Order Denying Respondents' Motion for Reconsideration Regarding Invocation of Rule 8210 Pursuant to Rule 9252 Disciplinary Order
Sep 23, 1999 C02980034 Order Denying Motion for Entry Of Default Decision Against Respondent and Granting Enforcement Leave to Re-Serve the Complaint Disciplinary Order
Sep 21, 1999 CAF980002 Order Regarding Court Reporting Services for the Hearing Disciplinary Order
Sep 17, 1999 C3A980077 Hearing Panel Decision in Department of Enforcement v. Richard F. Dambakly Disciplinary Decision
Sep 1, 1999 C02980073 Hearing Panel Decision in Department of Enforcement v. McLaughlin, Piven, Vogel Securities, Inc. and James Cecil McLaughlin Disciplinary Decision
Aug 27, 1999 C02980024 Order Granting Complainant's Motion to Strike Disciplinary Order
Aug 20, 1999 C01970028 In the Matter of District Business Conduct Committee For District No. 1, Complainant, vs. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Aug 18, 1999 CAF980005 Hearing Panel Decision in Department of Enforcement v. VTR Capital, Inc., Edward J. McCune, Howard R. Perles, and Laurence M. Geller Disciplinary Decision
Aug 13, 1999 C9A980041 Hearing Panel Decision Redacted Decision
Aug 12, 1999 C01970032 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
Aug 12, 1999 C07980019 John D. Morgan Disciplinary Decision
Aug 9, 1999 C01970001 Joel Dean Moore Disciplinary Decision

Pages