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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 24, 2002 C01020003 Hearing Panel Decision in Department of Enforcement v. Martin Herbert Meckler Disciplinary Decision
September 17, 2002 C9B020016 Hearing Panel Decision in Department of Enforcement v. Michael K. Kalmaer Disciplinary Decision
September 13, 2002 C06010025 Hearing Panel Decision in Department of Enforcement v. Arlie R. Horn, Jr. and Lindsay A. Byrum Disciplinary Decision
September 05, 2002 C02010041 Hearing Panel Decision in Department of Enforcement v. Anthony H. Barkate

Related Documents

Disciplinary Decision
August 13, 2002 C07010100 Hearing Panel Decision in Department of Enforcement v. David William Haburjak Disciplinary Decision
August 13, 2002 C05010012 Wendell D. Belden Disciplinary Decision
August 13, 2002 C01010017 Hearing Panel Decision in Department of Enforcement v. James Richard Wamsley Disciplinary Decision
August 05, 2002 C8A010048 Hearing Panel Decision in Department of Enforcement v. Christian W. Baker Disciplinary Decision
July 29, 2002 CAF000045 Morgan Stanley DW Inc., et al. Disciplinary Decision
July 09, 2002 C01000003 Hearing Panel Decision in Department of Enforcement v. U.S. Rica Financial, Inc. and Vinh Huu Nguyen

Related Documents

Disciplinary Decision
July 09, 2002 C9B010041 Hearing Panel Decision in Department of Enforcement v. James B. Moran Disciplinary Decision
July 08, 2002 C07010091 Hearing Panel Decision in Department of Enforcement v. Luis G. Sarmiento Disciplinary Decision
June 12, 2002 C8A010060 Hearing Panel Decision in Department of Enforcement v. Ellen M. Aleshire Disciplinary Decision
June 03, 2002 CAF000030 Manual M. Bello Disciplinary Decision
May 31, 2002 C07010084 Hearing Panel Decision in Department of Enforcement v. Forrest G. Harris Disciplinary Decision
May 21, 2002 C07010100 Order Denying Respondent's Motion to Strike Complainant's Pleadings and for Imposition of Sanctions Disciplinary Order
May 15, 2002 CAF010021 Order Denying Motion to Sever Disciplinary Order
May 14, 2002 C01010009 Order Deferring Decision On Complainant's Motion For Summary Disposition Disciplinary Order
May 08, 2002 C10010145 Order Denying Respondent's Motion To Dismiss For Lack Of Jurisdiction Disciplinary Order
May 06, 2002 C07010095 Hearing Panel Decision in Department of Enforcement v. Patrick H. Smith Disciplinary Decision
May 06, 2002 CAF000015 Josephthal & Co. Inc. Disciplinary Decision
May 03, 2002 CAF010009 Hearing Panel Decision in Department of Enforcement v. Dane Stephen Faber

Related Documents

Disciplinary Decision
April 29, 2002 C01010017 Order Pursuant To Conduct Rule 9143 Disciplinary Order
April 26, 2002 C10000037 George M. Goritz Disciplinary Decision
April 23, 2002 CAF000027 Order Following Final Pre-Hearing Conference Disciplinary Order