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Adjudication & 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 Decision Proceeding No. Title Type
November 15, 2001 C06010015 Hearing Panel Decision in Department of Enforcement v. Tanya N. Vu Disciplinary Decision
November 15, 2001 C07010010 Hearing Panel Decision as to Respondent Redacted Decision
November 12, 2001 C05010012 Hearing Panel Decision in Department of Enforcement v. Wendell D. Belden

Related Documents

Disciplinary Decision
November 01, 2001 C02000037 Paul John Hoeper Disciplinary Decision
October 22, 2001 C10000122 Hearing Panel Decision in Department of Enforcement v. Vincent J. Puma Disciplinary Decision
October 15, 2001 CMS000142 Hearing Panel Decision in Department of Enforcement v. Ko Securities, Inc. and Terrance Yoshikawa

Related Documents

Disciplinary Decision
October 04, 2001 CAF000045 Order Regarding Production of Documents Disciplinary Order
October 02, 2001 C9A000038 Hearing Panel Decision in Department of Enforcement v. Jeffrey L. Farley Disciplinary Decision
September 18, 2001 C01000017 Hearing Panel Decision in Department of Enforcement v. Raymon Salinas Disciplinary Decision
September 10, 2001 C9B000015 Hearing Panel Decision in Department of Enforcement v. Michael Dabney Disciplinary Decision
August 31, 2001 C9A010011 Order Granting Complainant's Motion for Partial Summary Disposition Disciplinary Order
August 27, 2001 CAF000030 Hearing Panel Decision in Department of Enforcement v. Manuel M. Bello

Related Documents

Disciplinary Decision
August 20, 2001 C8A010014 Hearing Panel Decision in Department of Enforcement v. Salam Aburas Disciplinary Decision
August 16, 2001 C05990026 Christopher M. Block & Jeffrey S. Burke Disciplinary Decision
August 15, 2001 C8A990081 James B. Chase Disciplinary Decision
August 06, 2001 C05990035 John Lawson Greer, III Disciplinary Decision
August 03, 2001 C10000046 Hearing Panel Decision in Department of Enforcement v. Quentin T. Quintana Disciplinary Decision
August 02, 2001 C07000090 Hearing Panel Decision in Department of Enforcement v. Walter Reinhardt Disciplinary Decision
July 26, 2001 ARB010001 Non-Summary Suspension Consolidated Proceeding ARB010001 Expedited Decision, Non-Summary Proceeding
July 25, 2001 ARB010018 Non-Summary Suspension Consolidated Proceeding ARB010018 Expedited Decision, Non-Summary Proceeding
July 23, 2001 C10000029 Hearing Panel Decision in Department of Enforcement v. Michael Henry Christ Disciplinary Decision
July 19, 2001 C8A000059 Hearing Panel Decision in Department of Enforcement v. Roger A. Hanson

Related Documents

Disciplinary Decision
July 06, 2001 C9B000013 Hearing Panel Decision as to Respondent Redacted Decision
July 03, 2001 C3A000007 Hearing Panel Decision as to Respondent Redacted Decision
June 28, 2001 C3A000054 Hearing Panel Decision in Department of Enforcement v. Robert M. McCulley Disciplinary Decision