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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
January 03, 2001 C01000003 Hearing Panel Decision in Department of Enforcement v. U.S. Rica Financial, Inc. and Vinh Huu Nguyen

Related Documents

Disciplinary Decision
January 03, 2001 C10000037 Hearing Panel Decision in Department of Enforcement v. George M. Goritz

Related Documents

Disciplinary Decision
January 01, 2001 SD010004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD010007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD01001 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD01002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD01010 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01011 View Decision Approvals, Statutory Disqualification, Redacted Decision
January 01, 2001 SD01012 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01013 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01014 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01016 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD01017 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01018 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD01019 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01020 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01021 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01022 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01023 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01024 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01025 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
December 27, 2000 C9B000007 Hearing Panel Decision in Department of Enforcement v. Frank Anthony Cardia, Jr. and Robert Daniel Louis Disciplinary Decision
December 26, 2000 C10000122 Order Granting Motion to Allow Telephone Testimony Disciplinary Order
December 26, 2000 DFC000003 Rule 9530 Suspension Proceeding DFC000003 Expedited Decision, Rule 9530 Suspension Decisions