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Adjudications & Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement 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.


View All Adjudications & Decisions

Date of Decision Proceeding No. Title Type
March 16, 2003 C9A020017 Hearing Panel Decision in Department of Enforcement v. Emanuel L. Sarris Disciplinary Decision
March 04, 2003 C01020014 Hearing Panel Decision in Department of Enforcement v. Paul Joseph Benz

Related Documents

Disciplinary Decision
February 21, 2003 DFC020018 Hearing Panel Decision in NASD Treasurer v. Respondent Disciplinary Decision
February 13, 2003 C10010004 Hearing Panel Decision in Department of Enforcement v. Yakov (Jack) Koppel Disciplinary Decision
February 10, 2003 C8A010094 Hearing Panel Decision in Department of Enforcement v. Jonathan B. Day Disciplinary Decision
February 07, 2003 C07020067 Order Granting Motion in Limine Disciplinary Order
February 07, 2003 C9B020048 Hearing Panel Decision in Department of Enforcement v. John Michael Brack Disciplinary Decision
February 05, 2003 C8A020032 Hearing Panel Decision in Department of Enforcement v. Leroy Avery Disciplinary Decision
January 30, 2003 C8A020014 Hearing Panel Decision in Department of Enforcement v. Brad A. Roethlisberger

Related Documents

Disciplinary Decision
January 17, 2003 CAF020007 Order Granting Motion for Reconsideration Disciplinary Order
January 14, 2003 C9A020018 Order Denying Request for Postponement of Hearing Disciplinary Order
January 08, 2003 C9B020037 Hearing Panel Decision in Department of Enforcement v. Kenneth J. Gilmore Disciplinary Decision
January 06, 2003 CAF020041 Order Granting the Department of Enforcement's Motion for a Protective Order Disciplinary Order
January 03, 2003 C10010146 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
December 30, 2002 C3B010016 Hearing Panel Decision in Department of Enforcement v. Magellan Securities, Inc. and Terry M. Laymon Disciplinary Decision
December 26, 2002 CAF020042 Order Denying Motion for More Definite Statement Disciplinary Order
December 20, 2002 C10000122 Hearing Panel Decision in Department of Enforcement v. Vincent J. Puma

Related Documents

Disciplinary Decision
December 20, 2002 C3A020013 Hearing Panel Decision in Department of Enforcement v. Joseph J. Vastano, Jr.

Related Documents

Disciplinary Decision
December 14, 2002 CAF000045 Hearing Panel Decision as to Respondent

Related Documents

Redacted Decision
December 13, 2002 C02020014 Hearing Panel Decision in Department of Enforcement v. Young Min Kim Disciplinary Decision
December 13, 2002 C04020006 Hearing Panel Decision in Department of Enforcement v. Curtis W. Triggs, Jr. Disciplinary Decision
November 27, 2002 C01000037 Pacific On-Line Trading & Securities, Inc., & Timothy Alan McAdams Disciplinary Decision
November 27, 2002 CAF000027 Hearing Panel Decision as to Respondent Redacted Decision
November 13, 2002 CMS000142 Ko Securities, Inc. Disciplinary Decision
November 06, 2002 C3A020020 Hearing Panel Decision in Department of Enforcement v. Stephanie Ann Dixon Disciplinary Decision