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.
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 28, 2001||CMS000015||Hearing Panel Decision in Department of Enforcement v. Amr "Tony" Elgindy and Key West Securities, Inc.||Disciplinary Decision|
|December 13, 2001||C10000165||Stephen D. Carcaterra||Disciplinary Decision|
|December 13, 2001||C9A000027||Luther A. Hanson||Disciplinary Decision|
|December 12, 2001||C3A010005||Hearing Panel Decision in Department of Enforcement v. Jay R. Rice||Disciplinary Decision|
|December 07, 2001||C01000037||Hearing Panel Decision in Department of Enforcement v. Pacific On-Line Trading & Securities, Inc. and Timothy Alan McAdams||Disciplinary Decision|
|December 03, 2001||C07000003||Jack H. Stein||Disciplinary Decision|
|November 21, 2001||C07010017||Hearing Panel Decision as to Respondent||Redacted Decision|
|November 20, 2001||C3A010009||Hearing Panel Decision in Department of Enforcement v. Mark H. Love||Disciplinary Decision|
|November 15, 2001||C06010015||Hearing Panel Decision in Department of Enforcement v. Tanya N. Vu||Disciplinary Decision|
|November 15, 2001||C07010010||Hearing Panel Decision as to Respondent||Redacted Decision|
|November 12, 2001||C05010012||Hearing Panel Decision in Department of Enforcement v. Wendell D. Belden||Disciplinary Decision|
|November 01, 2001||C02000037||Paul John Hoeper||Disciplinary Decision|
|October 22, 2001||C10000122||Hearing Panel Decision in Department of Enforcement v. Vincent J. Puma||Disciplinary Decision|
|October 15, 2001||CMS000142||Hearing Panel Decision in Department of Enforcement v. Ko Securities, Inc. and Terrance Yoshikawa||Disciplinary Decision|
|October 04, 2001||CAF000045||Order Regarding Production of Documents||Disciplinary Order|
|October 02, 2001||C9A000038||Hearing Panel Decision in Department of Enforcement v. Jeffrey L. Farley||Disciplinary Decision|
|September 18, 2001||C01000017||Hearing Panel Decision in Department of Enforcement v. Raymon Salinas||Disciplinary Decision|
|September 10, 2001||C9B000015||Hearing Panel Decision in Department of Enforcement v. Michael Dabney||Disciplinary Decision|
|August 31, 2001||C9A010011||Order Granting Complainant's Motion for Partial Summary Disposition||Disciplinary Order|
|August 27, 2001||CAF000030||Hearing Panel Decision in Department of Enforcement v. Manuel M. Bello||Disciplinary Decision|
|August 20, 2001||C8A010014||Hearing Panel Decision in Department of Enforcement v. Salam Aburas||Disciplinary Decision|
|August 16, 2001||C05990026||Christopher M. Block & Jeffrey S. Burke||Disciplinary Decision|
|August 15, 2001||C8A990081||James B. Chase||Disciplinary Decision|
|August 06, 2001||C05990035||John Lawson Greer, III||Disciplinary Decision|
|August 03, 2001||C10000046||Hearing Panel Decision in Department of Enforcement v. Quentin T. Quintana||Disciplinary Decision|