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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
May 31, 2002 C07010084 Hearing Panel Decision in Department of Enforcement v. Forrest G. Harris Disciplinary Decision
May 21, 2002 C07010100 Order Denying Respondent's Motion to Strike Complainant's Pleadings and for Imposition of Sanctions Disciplinary Order
May 15, 2002 CAF010021 Order Denying Motion to Sever Disciplinary Order
May 14, 2002 C01010009 Order Deferring Decision On Complainant's Motion For Summary Disposition Disciplinary Order
May 08, 2002 C10010145 Order Denying Respondent's Motion To Dismiss For Lack Of Jurisdiction Disciplinary Order
May 06, 2002 C07010095 Hearing Panel Decision in Department of Enforcement v. Patrick H. Smith Disciplinary Decision
May 06, 2002 CAF000015 Josephthal & Co. Inc. Disciplinary Decision
May 03, 2002 CAF010009 Hearing Panel Decision in Department of Enforcement v. Dane Stephen Faber

Related Documents

Disciplinary Decision
April 29, 2002 C01010017 Order Pursuant To Conduct Rule 9143 Disciplinary Order
April 26, 2002 C10000037 George M. Goritz Disciplinary Decision
April 23, 2002 CAF000027 Order Following Final Pre-Hearing Conference Disciplinary Order
April 19, 2002 FPI010002 Hearing Panel Decision in Department of Enforcement v. Samuel Engelsberg Expedited Decision, Rule 9540 Suspension Decisions
April 04, 2002 C02010041 Pre-Hearing Order Disciplinary Order
April 03, 2002 C10000210 James Henry Bond, III Disciplinary Decision
April 01, 2002 CMS000157 Hearing Panel Decision as to Respondent Redacted Decision
March 27, 2002 C8A000059 Roger A. Hanson Disciplinary Decision
March 26, 2002 C10010005 Jeffrey B. Hodde Disciplinary Decision
March 25, 2002 C8A010063 Hearing Panel Decision in Department of Enforcement v. Bobby R. Turner, Jr. Disciplinary Decision
March 24, 2002 FPI010004 Hearing Panel Decision in Department of Enforcement v. Toni Valentino

Related Documents

Expedited Decision, Rule 9540 Suspension Decisions
March 24, 2002 C05010033 Hearing Panel Decision in Department of Enforcement v. Michael G. Grimes Disciplinary Decision
March 20, 2002 CAF000033 Dennis Sturm Disciplinary Decision
March 20, 2002 C10000026 Damien R. Douglas Disciplinary Decision
March 20, 2002 CAF000029 In the Matter of Department of Enforcement, Complainant v. Respondent 1 Disciplinary Decision, Redacted Decision
March 14, 2002 ARB010032 Non-Summary Suspension Proceeding ARB010032 Expedited Decision, Non-Summary Proceeding
March 04, 2002 C05010017 Hearing Panel Decision in Department of Enforcement v. James S. Davenport

Related Documents

Disciplinary Decision