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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

Choose Year
Date of Decision Proceeding No. Title Type
April 27, 2009 2007010236401 Hearing Panel Decision in Department of Enforcement v. Valerie Elaine King Disciplinary Decision
April 21, 2009 2007008128901 Hearing Panel Decision in Department of Francis M. Evans Disciplinary Decision
April 17, 2009 2005003437102 Extended Hearing Panel Decision in Department of Enforcement v. Michael Lee Bullock

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Disciplinary Decision
April 06, 2009 ELI2004026701 Iftikhar Ul Haq Disciplinary Decision
March 19, 2009 2005003295801 Amended Extended Hearing Panel Decision in Department of Enforcement v. Andrew W. Quinn Disciplinary Decision
February 25, 2009 EAF0400300001 Kirlin Securities, Inc., Anthony J. Kirincic, David O. Lindner and Andrew J. Israel Disciplinary Decision
February 24, 2009 E9A2002010501 Kevin M. Glodek Disciplinary Decision
February 10, 2009 2006005523401 Hearing Panel Decision in Department of Enforcement v. Nathan Lorne Disciplinary Decision
January 29, 2009 2005003188901 Amended Hearing Panel Decision in Department of Enforcement v. Richard G. Cody Disciplinary Decision
January 16, 2009 E072005017201 Hearing Panel Decision in Department of Enforcement v. John B. Busacca III

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Disciplinary Decision
January 01, 2009 SD09004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2009 SD09002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2009 SD09005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2009 SD09001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2009 SD09003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2009 SD09008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2009 SD09006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2009 n/a In the Matter of Corporation K OTCBB, Redacted Decision
January 01, 2009 SD09007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
December 19, 2008 2006003825001 Hearing Panel Decision in Department of Enforcement v. Joseph William Hagan Disciplinary Decision
December 18, 2008 2006003738501 Hearing Panel Decision in Department of Enforcement v. Mission Securities Corporation and Craig M. Biddick

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Disciplinary Decision
December 17, 2008 2006005318801 Hearing Panel Decision in Department of Enforcement v. Kent M. Houston

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Disciplinary Decision
December 16, 2008 E9A2004048801 Brian J. Kelly Disciplinary Decision
December 16, 2008 EAF0400630001 Extended Hearing Panel Decision in Department of Enforcement v. Mutual Service Corporation, et al.

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Disciplinary Decision
December 15, 2008 2006006192901 Hearing Panel Decision in Department of Enforcement v. Denis William Kraemer, Jr.

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Disciplinary Decision