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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
September 09, 2003 C01000003 U.S. Rica Financial, Inc. and Vinh Huu Nguyen Disciplinary Decision
September 08, 2003 03-02 Hearing Panel Decision as to Respondent Redacted Decision
September 04, 2003 C9A020018 Hearing Panel Decision in Department of Enforcement v. John J. Katsock, Jr. Disciplinary Decision
September 03, 2003 CAF010011 Hearing Panel Decision in Department of Enforcement v. J. Alexander Securities, Inc., Richard Newberg, and James Alexander

Related Documents

Disciplinary Decision
August 29, 2003 C10020076 Hearing Panel Decision in Department of Enforcement v. Jeffrey Mills Disciplinary Decision
August 27, 2003 C05020060 Hearing Panel Decision in Department of Enforcement v. John R. Bingham Disciplinary Decision
August 19, 2003 03-01 Hearing Panel Decision as to Respondent Redacted Decision
August 11, 2003 C10000122 Vincent J. Puma Disciplinary Decision
August 11, 2003 C3B020015 Hearing Panel Decision in Department of Enforcement v. Davrey Financial Services, Inc., and Pravin R. Davrey

Related Documents

Disciplinary Decision
August 11, 2003 FPI020002 Bret Steinhart Disciplinary Decision
August 08, 2003 C02010041 Anthony H. Barkate Disciplinary Decision
August 07, 2003 CMS020143 Hearing Panel Decision in Department of Enforcement v. Joseph A. Geraci, II

Related Documents

Disciplinary Decision
August 06, 2003 C9B020052 Hearing Panel Decision in Department of Enforcement v. Brian J. Clark Disciplinary Decision
July 28, 2003 C01020012 Hearing Panel Decision in Department of Enforcement v. Kelmoore Investment Co., Inc., and Shawn Kelmon Young Disciplinary Decision
July 14, 2003 C10010004 Hearing Panel Decision in Department of Enforcement v. Yakov (Jack) Koppel Disciplinary Decision
July 08, 2003 C01020025 Hearing Panel Decision in Department of Enforcement v. Brookes McIntosh Bendetsen

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Disciplinary Decision
July 07, 2003 CAF020053 Order on Respondent's Expert Witness Designation Disciplinary Order
June 23, 2003 C3B020013 Hearing Panel Decision in Department of Enforcement v. Christopher R. Van Dyk

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Disciplinary Decision
June 23, 2003 C9A020052 Hearing Panel Decision in Department of Enforcement v. Guang Lu

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Disciplinary Decision
June 05, 2003 C10020060 Hearing Panel Decision in Department of Enforcement v. Andrew Knight

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Disciplinary Decision
June 04, 2003 C9A030006 Order Denying Motion for Summary Disposition Disciplinary Order
May 27, 2003 C07010099 Hearing Panel Decision in Department of Enforcement v. Thomas A. Timberlake Disciplinary Decision
May 21, 2003 C07010099 Hearing Panel Decision in Department of Enforcement v. Rooney A. Sahai Disciplinary Decision
May 21, 2003 CAF030007 Order Granting in Part and Denying in Part Respondent's Motion for More Definite Statement Disciplinary Order
May 21, 2003 FPI010004 Toni Valentino Disciplinary Decision