Office of Hearing Officers

The Office of Hearing Officers is an office of impartial adjudicators of disciplinary cases brought by FINRA’s Department of Enforcement against FINRA members.

The Office of Hearing Officers maintains strict independence from FINRA's regulatory programs and is physically separated from other FINRA departments.

Hearing officers are not involved in the investigative process. Employment protections exist for hearing officers to further ensure their independence; they may not be terminated except by the FINRA Chief Executive Officer, with a right to appeal to the Audit Committee of FINRA's Board of Governors.

View:  Orders and Decisions Chronologically  |  Orders by Topic  |  Orders by Rule
Date of Decision Proceeding No. Title Type Order No.sort descending
Jul 26, 2001 ARB010001 Non-Summary Suspension Consolidated Proceeding ARB010001 Expedited Decision, Non-Summary Proceeding
Apr 28, 2015 2012033351801 CALLED FOR REVIEW: Paolo Franca Iida Disciplinary Decision
Aug 1, 2006 C05050015 Hearing Panel Decision in Department of Enforcement vs. Kevin Calandro and James W. Browne Disciplinary Decision
Aug 12, 2016 2013039639101 Ronald Leslie Geffner Disciplinary Decision
Aug 11, 2003 C3B020015 Hearing Panel Decision in Department of Enforcement v. Davrey Financial Services, Inc., and Pravin R. Davrey Disciplinary Decision
Dec 15, 2005 C9B040080 Hearing Panel Decision in Department of Enforcement vs. Morton Bruce Erenstein Disciplinary Decision
Jun 1, 1999 ARB980026 Non-Summary Suspension Proceeding ARB980026 Expedited Decision, Non-Summary Proceeding
Mar 15, 2013 2010021621201 Hearing Panel Decision in Department of Enforcement v. Michael Pino Disciplinary Decision
Jan 26, 2017 2012030738501 APPEALED: J.W. Korth and Company Disciplinary Decision
Sep 16, 2004 C9B040033 Hearing Panel Decision in Department of Enforcement vs. Robert M. Ryerson Disciplinary Decision
Jul 16, 2018 2015047069701 Leslie George Markus Disciplinary Decision
Aug 11, 2010 E9B2003033701 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Dec 15, 2008 2006006192901 Hearing Panel Decision in Department of Enforcement v. Denis William Kraemer, Jr. Disciplinary Decision
Feb 14, 2014 2012032997201 Hearing Panel Decision in Department of Enforcement v. Stephen Grivas Disciplinary Decision
Jun 4, 2004 CMS020247 Hearing Panel Decision in Department of Market Regulation v. Terrance Yoshikawa Disciplinary Decision
Oct 2, 2017 2013037401001 APPEALED: Stanley Clayton Niekras Disciplinary Decision
Nov 21, 2001 C07010017 Hearing Panel Decision as to Respondent Redacted Decision
Jul 25, 2001 ARB010018 Non-Summary Suspension Consolidated Proceeding ARB010018 Expedited Decision, Non-Summary Proceeding
Jul 20, 2012 FPI110005 Hearing Panel Decision in Decision in Department of Enforcement v. Justin W. Keener Expedited Decision, Rule 9550 Expedited Decisions
Jul 17, 2015 2012034936101 APPEALED: Jeffrey D. Noard Disciplinary Decision
Aug 16, 2006 E8A2004065102 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Aug 7, 2003 CMS020143 Hearing Panel Decision in Department of Enforcement v. Joseph A. Geraci, II Disciplinary Decision
Dec 29, 2005 C06040027 Hearing Panel Decision in Department of Enforcement vs. Sterling Scott Lee & Dennis Todd Lloyd Gordon Disciplinary Decision
Jun 1, 1999 ARB990008 Non-Summary Suspension Proceeding ARB990008 Expedited Decision, Non-Summary Proceeding
Mar 23, 2004 CAF030014 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision

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