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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
July 16, 2004 C01020022 Hearing Panel Decision as to Respondent Redacted Decision
July 13, 2004 C3A030015 Hearing Panel Decision in Department of Enforcement v. Herbert I. Kay Disciplinary Decision
July 07, 2004 C8A030100 Order Granting in Part and Deferring in Part Complainant's Motion for Summary Disposition, and Denying Respondents' Motion for Summary Disposition Disciplinary Order
July 06, 2004 CAF030013 Hearing Panel Decision in Department of Enforcement v. Richard L. Newburg Disciplinary Decision
July 01, 2004 C9B030076 Order Correcting Order Dismissing Affirmative Defense and Denying Respondent's Motion to Reconsider Disciplinary Order
June 30, 2004 C10030082 Hearing Panel Decision in Department of Enforcement v. Stephen Nicholas Thomas Disciplinary Decision
June 29, 2004 C8A020088 Hearing Panel Decision in Department of Enforcement v. Daniel Eric Kelsey Disciplinary Decision
June 29, 2004 C10030088 Hearing Panel Decision in Department of Enforcement v. Andrew P. Schneider

Related Documents

Disciplinary Decision
June 26, 2004 ARB040033 Order Denying Respondent's Motion To Dismiss Disciplinary Decision
June 24, 2004 CAF030055 Order Denying Enforcement's Motion for Summary Disposition Disciplinary Order
June 22, 2004 C9B030076 Order Dismissing Affirmative Defense

Related Documents

Disciplinary Order
June 18, 2004 C3A040006 Order Denying Motion to Compel Testimony Disciplinary Order
June 15, 2004 CAF030058 Order Granting Respondent's Motion for in Camera Inspection of Documents Disciplinary Order
June 14, 2004 C11040006 Hearing Panel Decision in Department of Enforcement v. Justin F. Ficken

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Disciplinary Decision
June 10, 2004 C9B040020 Order Denying Respondents' Motion to Compel Discovery

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Disciplinary Order
June 07, 2004 CAF020048 Hearing Panel Decision in Department of Enforcement v. Donner Corporation International (N.K.A. National Capital Securities, Inc.), Jeffrey L. Baclet, Vincent M. Uberti, and Paul A. Runyon

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Disciplinary Decision
June 07, 2004 CLI030011 Hearing Panel Decision in Department of Enforcement v. Demetrios Zouloufis Disciplinary Decision
June 04, 2004 CMS020247 Hearing Panel Decision in Department of Market Regulation v. Terrance Yoshikawa

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Disciplinary Decision
June 01, 2004 C8A030100 Order Denying Motion for Leave to File Amended Answer Disciplinary Order
May 27, 2004 C8A030068 Hearing Panel Decision in Department of Enforcement v. Todd Grafenauer

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Disciplinary Decision
May 25, 2004 C8A030078 Hearing Panel Decision in Department of Enforcement v. Scott Wiard and James Reisinger

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Disciplinary Decision
May 19, 2004 C10030076 Hearing Panel Decision in Department of Enforcement v. Daewoo Securities (America) Inc, and Hong Gon Kim Disciplinary Decision
May 13, 2004 C9A020052 Guang Lu Disciplinary Decision
May 11, 2004 C01020014 Paul Joseph Benz Disciplinary Decision
May 10, 2004 C9B030045 Hearing Panel Decision in Department of Enforcement v. Michael O'Hare

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Disciplinary Decision