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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
December 30, 1999 CAF990018 Order Denying Motion for Summary Disposition Disciplinary Order
December 17, 1999 C02980051 Gordon Kerr Disciplinary Decision
December 14, 1999 C04990005 Bradford Lee Brinton Disciplinary Decision
December 10, 1999 C10970145 Hearing Panel Decision in Department of Enforcement v. Monitor Investment Group, Ltd., Michael Galasso, Jr., Emmanuel Gennuso, Patrick Giglio, and Steven Goldstein

Related Documents

Disciplinary Decision
December 02, 1999 CAF980013 Hearing Panel Decision in Department of Enforcement v. Herman Epstein Disciplinary Decision
December 01, 1999 C11970032 Hearing Panel Decision in Department of Enforcement v. Daniel Richard Howard

Related Documents

Disciplinary Decision
November 22, 1999 C10990058 Hearing Panel Decision in Department of Enforcement v. Phillip J. Milligan Disciplinary Decision
November 19, 1999 C8A990017 Hearing Panel Decision in Department of Enforcement v. David L. Foran

Related Documents

Disciplinary Decision
November 18, 1999 C8A990015 Hearing Panel Decision Redacted Decision
November 12, 1999 C9A980021 Robert J. Kendzierski Disciplinary Decision
November 09, 1999 C9B960013 Steven D. Goodman Disciplinary Decision
November 04, 1999 C8A980054 Sylvester Cannon, Jr. Disciplinary Decision
November 03, 1999 C02970018 In the Matter of District Business Conduct Committee For District No. 2, Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
November 03, 1999 C02980025 Roger Harry Chlowitz Disciplinary Decision
November 03, 1999 C04970050 Ansula Pet Hwa Liu Disciplinary Decision
October 31, 1999 CAF980025 Richard Stephen Levitov & Ralph Joseph Angeline Disciplinary Decision
October 18, 1999 C07980011 Mark S. Balbirer Disciplinary Decision
October 18, 1999 C07990013 Hearing Panel Decision in Department of Enforcement v. Alberto E. Argomaniz Disciplinary Decision
October 18, 1999 CMS920002 Order Denying Motion to Stay Proceedings and to Vacate Current Scheduling Order Disciplinary Order
October 06, 1999 DFC990003 Rule 9530 Suspension Proceeding DFC990003 Expedited Decision, Rule 9530 Suspension Decisions
September 30, 1999 CMS920002 Order Directing Complainant to Comply with Rule 9251 Disciplinary Order
September 27, 1999 C02990022 Order Denying Respondent's Request for Financial Assistance to Attend Hearing Disciplinary Order
September 27, 1999 CAF980002 Order Denying Respondents' Motion for Reconsideration Regarding Invocation of Rule 8210 Pursuant to Rule 9252 Disciplinary Order
September 23, 1999 C02980034 Order Denying Motion for Entry Of Default Decision Against Respondent and Granting Enforcement Leave to Re-Serve the Complaint Disciplinary Order
September 21, 1999 CAF980002 Order Regarding Court Reporting Services for the Hearing Disciplinary Order