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
May 30, 2008 2006005565401 Hearing Panel Decision in Department of Enforcement v. Michael L. Vines Disciplinary Decision
Mar 27, 2003 C3A010036 Hearing Panel Decision in Department of Enforcement v. Castle Securities Corp., Michael Studer, and Respondent 3 Disciplinary Decision
Nov 6, 2015 2014041319201 APPEALED: Miguel Ortiz Disciplinary Decision
Dec 2, 1998 C8A980012 Department of Enforcement, Complainant v. Respondent Redacted Decision
Oct 28, 2010 2006006259501 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
Jan 4, 2013 FPI120005 Hearing Panel Decision in Department of Enforcement v. Gregory E. Goldstein Expedited Decision, Rule 9550 Expedited Decisions
Jun 25, 2014 2012034211301 Hearing Panel Decision in Department of Enforcement v. Success Trade Securities, Inc. and Fuad Ahmed Disciplinary Decision
Mar 18, 2016 2012034719701 APPEALED: Paul E. Taboada Disciplinary Decision
May 15, 2006 CMS040202 Hearing Panel Decision in Department of Market Regulation vs. Marshall J. Field Disciplinary Decision
Nov 17, 1998 C02980025 Order and Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Roger Harry Chlowitz Disciplinary Decision
May 13, 2009 2007010306901 Hearing Panel Decision in Department of Enforcement v. FCS Securities and Respondent 2 Disciplinary Decision
Jun 18, 2018 2016047565702 APPEALED: Bruce Martin Zipper and Dakota Securities International, Inc. Disciplinary Decision
Dec 22, 2003 03-03 Hearing Panel Decision as to Respondent Redacted Decision
Jul 28, 2000 C8A980097 Hearing Panel Decision in Department of Enforcement v. Adam Galas, David, H. Shapiro, John J. Flynn, Protective Group Securities Corporation, and Michael F. Flannigan Disciplinary Decision
Jun 27, 2000 C02990052 Hearing Panel Decision in Department of Enforcement v. Shailesh B. Patel Disciplinary Decision
Aug 10, 2006 C07050050 Hearing Panel Decision in Department of Enforcement vs. Stephen P. Dunbar Disciplinary Decision
Jan 6, 2005 C01040010 Hearing Panel Decision in Department of Enforcement vs. Patrick Orvil Nugent Disciplinary Decision
Sep 20, 2016 2015044960501 APPEALED: Avenir Financial Group, Michael Todd Clements, and Karim Ahmed Ibrahim Disciplinary Decision
Oct 3, 2002 DFC020014 NASD Treasurer, Complainant, v. Respondent Expedited Decision, Rule 9530 Suspension Decisions
Dec 14, 2017 ARB170025 Matthew Grady Expedited Decision
Mar 8, 2001 C9A000027 Hearing Panel Decision in Department of Enforcement v. Luther A. Hanson Disciplinary Decision
Sep 20, 2010 2005000171202 Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
Jan 4, 2013 2010023349601 Hearing Panel Decision in Department of Enforcement v. Denise M. Olson Disciplinary Decision
Oct 11, 2004 C8A030089 Hearing Panel Decision in Department of Enforcement v. Joseph Rogala Disciplinary Decision
Nov 3, 2014 20110273503 Richard A. McGuire Disciplinary Decision

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