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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 01, 2001 SD01021 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 SD01018 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD01013 In the Matter of the 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 DFC000003 Rule 9530 Suspension Proceeding DFC000003 Expedited Decision, Rule 9530 Suspension Decisions
December 26, 2000 C10000122 Order Granting Motion to Allow Telephone Testimony Disciplinary Order
December 18, 2000 C10990014 Stephen Earl Prout Disciplinary Decision
December 06, 2000 CAF980002 Hearing Panel Decision as to Respondents John Fiero and Fiero Brothers, Inc.

Related Documents

Disciplinary Decision
November 17, 2000 C10990024 Averell Golub Disciplinary Decision
November 16, 2000 C11970032 Daniel Richard Howard Disciplinary Decision
November 16, 2000 C3A990050 Jim Newcomb Disciplinary Decision
November 15, 2000 C3A990067 Hearing Panel Decision as to Respondent Redacted Decision
November 13, 2000 C10970176 Robert Fitzpatrick Disciplinary Decision
November 06, 2000 C05990035 Hearing Panel Decision on Remand in Department of Enforcement v. John Lawson Greer, III

Related Documents

Disciplinary Decision
November 06, 2000 C8A980059 In the Matter of Department of Enforcement, Complainant v. Respondent 1 and Respondent 2 Disciplinary Decision, Redacted Decision
October 20, 2000 C10990121 Majority Hearing Panel Decision in Department of Enforcement v. Nelson C. Onyejiaka - Dissent Attached Disciplinary Decision
October 16, 2000 C05940077 John P. Goldsworthy Disciplinary Decision
October 10, 2000 CAF000030 Order Granting Enforcement's Motion for Leave to Withhold from Production Certain Documents and Granting Other Relief Disciplinary Order
October 09, 2000 C07000023 Pre-Hearing Order Disciplinary Order
October 06, 2000 C9B000013 Order Denying Respondent's Motion for Leave to Offer Expert Witness Testimony Disciplinary Order
October 05, 2000 C05000021 Order Granting Complainant's Motion for Leave to Offer Telephone Testimony and to Allow Witness to be Assisted by (Remote) Interpreter Disciplinary Order
October 03, 2000 C3A990031 Hearing Panel Decision in Department of Enforcement v. Charles W. Testino Disciplinary Decision
September 28, 2000 C10000140 Order Denying Motion for More Definite Statement Disciplinary Order