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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 03, 2018 2014039775501 Order Granting Enforcement’s Motion Regarding Sequestration of Witnesses Disciplinary Order
May 02, 2018 2014041860801 Omnibus Order on Pre-Hearing Motions Disciplinary Order
April 30, 2018 201404186800 APPEALED: Dennis A. Mehringer, Jr. Disciplinary Decision
April 25, 2018 2015046971701 Order Granting Enforcement’s Motion for Leave to Offer Telephone or Videoconference Testimony Disciplinary Order
April 24, 2018 2014041860801 Order Granting in Part and Denying in Part Renewed Motion to Compel. Disciplinary Order
April 11, 2018 2014040761001 Amended Order Denying Respondent’s Motion for Partial Summary Disposition Disciplinary Order
April 05, 2018 SD-2150 David P. Brown Statutory Disqualification, Approvals
April 05, 2018 2015044600801 Gerard Chandler Gremillion Disciplinary Decision
April 02, 2018 2015047069701 Order Granting in Part and Denying in Part Enforcement’s Motion In Limine and to Strike Portions of Respondent’s Pre-Hearing Brief and Related Evidence Disciplinary Order
March 28, 2018 2011030293503 Richard Gomez Disciplinary Decision
March 20, 2018 2015046971701 Order Granting Motion to Allow De Bene Esse Deposition Disciplinary Order
March 19, 2018 2014040876001 Kenneth J. Mathieson Disciplinary Decision
March 14, 2018 2016052347901 APPEALED: Austin Wayne Morton Disciplinary Decision
March 13, 2018 SD-2137 APPEALED: Gabriel Block Statutory Disqualification, Denials
March 05, 2018 2015047154001 Order Denying Respondent’s Motion for Admission of Additional Exhibits Disciplinary Order
February 27, 2018 2012032731802 APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley Disciplinary Decision
February 27, 2018 2015045254501 APPEALED: Richard O. White Disciplinary Decision
February 22, 2018 SD-2123 Catherine Ann Sheridan Statutory Disqualification, Approvals
February 14, 2018 2016049420501 Second Order Rescheduling Initial Pre-Hearing Conference Disciplinary Order
February 06, 2018 DFC170004 APPEALED: Dakota Securities International, Inc. Expedited Decision
February 02, 2018 2015046759201 APPEALED: Todd B. Wyche Disciplinary Decision
January 11, 2018 2015047069701 Case Management and Scheduling Order Disciplinary Order
January 10, 2018 2014041860801 Order Denying Respondents’ Motion for More Definite Statement and Department of Enforcement’s Motion to Strike Disciplinary Order
January 10, 2018 2014041862701 Case Management and Scheduling Order Disciplinary Order
January 10, 2018 2014042606902 Order Granting Enforcement’s Motion for Rule-Compliant Answer Disciplinary Order