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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
April 01, 2004 CMS030181 In the Matter of Department of Market Regulation, Complainant, vs. Respondent

Related Documents

Redacted Decision
March 30, 2004 C01030030 Hearing Panel Decision in Department of Enforcement v. Brad Louis Zigler Disciplinary Decision
March 29, 2004 CMS030269 Hearing Panel Decision in Market Regulation Department v. Anthony John Orlando, Jr., and Philip Anthony Orlando

Related Documents

Disciplinary Decision
March 28, 2004 DFC040005 Order Denying Respondent's Motion to Dismiss the Suspension Proceeding Disciplinary Order
March 23, 2004 CAF030014 In the Matter of Department of Enforcement, Complainant vs. Respondent

Related Documents

Disciplinary Decision
March 17, 2004 CAF030014 Order Denying Respondent's Motion for Summary Disposition and Request for Preclusion Order Based Upon Unfair Investigatory Process

Related Documents

Disciplinary Order
March 10, 2004 CAF020022 Hearing Panel Decision in Department of Enforcement v. Hornblower & Weeks, Inc., John R. Rooney, Eric Ellenhorn, and Paul E. Taboada Disciplinary Decision
February 24, 2004 SD04017 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Other
February 19, 2004 C3A010036 Castle Securities Corp. & Michael Studer Disciplinary Decision
February 18, 2004 C3A030012 Hearing Panel Decision in Department of Enforcement v. Gregory A. Eastman Disciplinary Decision
February 09, 2004 C02020057 Hearing Panel Decision in Department of Enforcement v. Alvin W. Gebhart, Jr. and Donna T. Gebhart

Related Documents

Disciplinary Decision
January 23, 2004 C3A030024 Hearing Panel Decision in Department of Enforcement v. Richard S. Jacobson Disciplinary Decision
January 16, 2004 CAF030008 Hearing Panel Decision in Department of Enforcement v. Frank Peter Quattrone

Related Documents

Disciplinary Decision
January 01, 2004 SD04006 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04009 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04014 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2004 SD04016 In the Matter of the Continued Membership of Firm 1 Redacted Decision, Statutory Disqualification, Other
January 01, 2004 SD04002 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04010 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04015 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04011 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2004 SD04004 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2004 SD04008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals