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|
|Jul 18, 2016||2012033351801||Paolo Franca Iida||Disciplinary Decision|
|Jul 15, 2016||SD-2096||Louis A. Woolf with Voya Financial Advisors, Inc.||Statutory Disqualification, Approvals|
|Jul 11, 2016||FPI160004||Fairbridge Capital Markets||Expedited Decision|
|Jun 28, 2016||2013038418201||Joseph N. Barnes, Sr.||Disciplinary Decision|
|Jun 17, 2016||SD-2026||RBS Securities, Inc.||Statutory Disqualification|
|Jun 10, 2016||2011030293503||APPEALED: Richard Gomez||Disciplinary Decision|
|Jun 8, 2016||SD-2088||James D. Goodland with Spire Securities LLC||Statutory Disqualification, Approvals|
|Jun 3, 2016||2013035211801||APPEALED: David A. Elgart||Disciplinary Decision|
|Jun 3, 2016||2012030731802||APPEALED: William H. Murphy & Co., Inc. and William H. Murphy||Disciplinary Decision|
|May 24, 2016||2014043020901||Order Ruling on Witness Objections||Disciplinary Order|
|May 20, 2016||2013038333001||Order Denying Respondent’s Motion for Request for Documents and Information||Disciplinary Order|
|May 20, 2016||SD-2027||APPEALED: Christopher Cota with Capital Financial Services, Inc.||Statutory Disqualification, Denials|
|May 16, 2016||2010022977801||APPEALED: David B. Tysk||Disciplinary Decision|
|May 9, 2016||SD-2069||APPEALED: Bruce Meyers with Meyers Associates, L.P.||Statutory Disqualification, Denials|
|May 2, 2016||2014040968501||APPEALED: Ahmed Gadelkareem||Disciplinary Decision|
|Apr 27, 2016||2010020954501||APPEALED: Meyers Associates, L.P., Bruce Meyers, and Imtiaz A. Khan||Disciplinary Decision|
|Apr 18, 2016||2011027007901||APPEALED: Shashishekhar Doni||Disciplinary Decision|
|Apr 6, 2016||SD-2010||Michael C. Furman with Citigroup Global Markets, Inc.||Statutory Disqualification, Approvals|
|Apr 4, 2016||20120320803-01||APPEALED: Peter J. Auzers and Shiva Naby||Disciplinary Decision|
|Mar 30, 2016||2013036681701||Order Granting Enforcement’s Motion for Leave to Withhold Documents From Discovery.||Disciplinary Order|
|Mar 25, 2016||2015044379701||Order Denying Rule 9252 Request||Disciplinary Order|
|Mar 24, 2016||SD-MCDC-053 et al||Boenning & Scattergood, Inc., First Midstate, Inc., Mitsubishi UFJ Securities (USA), Inc., Municipal Capital Markets Group, Inc., Roosevelt & Cross, Inc.||Statutory Disqualification, Approvals|
|Mar 24, 2016||SD-MCDC-054 et al||D.A. Davidson & Co., T.D. Securities (USA) LLC, Janney Montgomery Scott LLC, Keybanc Capital Markets Inc.||Statutory Disqualification, Approvals|
|Mar 24, 2016||SD-MCDC-059 et al||Barclays Capital Inc., Hilltop Securities, Inc., Jefferies LLC||Statutory Disqualification, Approvals|
|Mar 23, 2016||2010024522103||APPEALED: Brett Ian Friedberg||Disciplinary Decision|