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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
February 15, 2001 CMS000157 Order Granting Respondent's Motion to Exclude Documents Disciplinary Order
February 14, 2001 CAF000045 Order Granting Motions to Quash Disciplinary Order
February 13, 2001 C10000122 Order Regarding Complainant's Motion for a Preclusion Order Disciplinary Order
February 08, 2001 C07000033 Hearing Panel Decision in Department of Enforcement v. Franklyn Ross Michelin and LH Ross & Company, Inc.

Related Documents

Disciplinary Decision
February 05, 2001 C10970145 Michael Galasso, Jr., Gerard McMahon, John Montelbano, Dwayne Leverett, & Todd Nejaime Disciplinary Decision
February 02, 2001 C8A000024 Hearing Panel Decision in Department of Enforcement v. Paul E. Carney Disciplinary Decision
January 31, 2001 C10000086 Hearing Panel Decision in Department of Enforcement v. Peter D. Ragofsky Disciplinary Decision
January 30, 2001 C07000023 Hearing Panel Decision as to Respondent Redacted Decision
January 26, 2001 CAF000045 Order Denying Complainant's Motion to Strike Affirmative Defenses Disciplinary Order
January 23, 2001 C02990042,C02980085 Robert Tretiak Disciplinary Decision
January 23, 2001 C10000172 Order Denying Motion to Quash Disciplinary Order
January 16, 2001 C01000011 Hearing Panel Decision in Department of Enforcement v. W.R. Hambrecht & Co., LLC and William R. Hambrecht Disciplinary Decision
January 03, 2001 C01000003 Hearing Panel Decision in Department of Enforcement v. U.S. Rica Financial, Inc. and Vinh Huu Nguyen

Related Documents

Disciplinary Decision
January 03, 2001 C10000037 Hearing Panel Decision in Department of Enforcement v. George M. Goritz

Related Documents

Disciplinary Decision
January 01, 2001 SD01002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01022 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD010007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD01005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD01011 View Decision Approvals, Statutory Disqualification, Redacted Decision
January 01, 2001 SD01019 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01017 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01020 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01010 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2001 SD01016 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2001 SD010004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials