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
Jun 5, 2003 C10020060 Hearing Panel Decision in Department of Enforcement v. Andrew Knight Disciplinary Decision
Nov 15, 2000 C3A990067 Hearing Panel Decision as to Respondent Redacted Decision
Aug 1, 2006 C05050015 Hearing Panel Decision in Department of Enforcement vs. Kevin Calandro and James W. Browne Disciplinary Decision
Mar 3, 2017 2014039285401 APPEALED: Southeast, N.C., Inc. and Frank Harmon Black Disciplinary Decision
Mar 31, 2015 2011027666902 APPEALED: Merrimac Corporate Securities, Inc. and Robert Nash Disciplinary Decision
Feb 27, 2018 2015045254501 APPEALED: Richard O. White Disciplinary Decision
Jan 30, 2012 2007010902501 Hearing Panel Decision in Department of Enforcement v. Jeffrey B. Pierce Disciplinary Decision
Jan 4, 2005 CAF030067 Hearing Panel Decision in Department of Enforcement vs. Asensio Brokerage Services, Inc. Disciplinary Decision
Feb 29, 2016 2012034936005 APPEALED: David Joseph Escarcega Disciplinary Decision
Dec 15, 2005 C9B040080 Hearing Panel Decision in Department of Enforcement vs. Morton Bruce Erenstein Disciplinary Decision
Mar 6, 2001 C07000003 Hearing Panel Decision in Department of Enforcement v. Jack H. Stein Disciplinary Decision
Oct 7, 2013 20080150419 Extended Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
Jun 2, 2009 2005000324301 Hearing Panel Decision in Department of Market Regulation v. Jerry William Burch Disciplinary Decision
Oct 2, 2015 2013036799501 APPEALED: Michael Casas Disciplinary Decision
Jul 5, 2018 2015046631101 APPEALED: Robert R Tweed Disciplinary Decision
Jul 25, 2016 FR160001 Merriman Capital Inc. Expedited Decision
Dec 19, 2007 C10040052 Hearing Panel Decision in Department of Enforcement v. Scott Mathis Disciplinary Decision
Jun 13, 2014 2010025350001 Hearing Panel Decision in Department of Enforcement v. Roric E. Griffith Disciplinary Decision
Apr 25, 2011 2007008239001 CALLED FOR REVIEW: Hearing Panel Decision in Department of Enforcement v. ACAP Financial, Inc. and Gary Hume Disciplinary Decision
Sep 28, 2004 C8A030099 Hearing Panel Decision in Department of Enforcement v. Timothy J. Duma Disciplinary Decision
Aug 2, 2000 C01990013 Hearing Panel Decision as to Respondent Redacted Decision
Aug 16, 2006 E8A2004065102 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Mar 16, 2017 ARB160047 J. Thaddeus McGaffey Expedited Decision
May 14, 2008 20060049953-01 Hearing Panel Decision in Department of Enforcement v. Joseph Ricupero Disciplinary Decision
Mar 9, 2015 2012030724101 APPEALED: Fox Financial Management Corporation, Brian A. Murphy, and James E. Rooney, Jr. Disciplinary Decision

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