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.
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|
|December 17, 2015||2010025181001||APPEALED: John Vincent Ballard||Disciplinary Decision|
|December 03, 2015||ARB150048||Order Granting Complaint’s Motion for an Order Pursuant to Rule 9559(m) and Deeming September 15, 2015 Notice of Suspension Final FINRA Action||Expedited Order|
|December 01, 2015||2010025087302||APPEALED: Thaddeus J. North||Disciplinary Decision|
|November 30, 2015||SD-MCDC-036 et al.||J.J.B Hilliard, W.L. Lyons, LLC, Mesirow Financial, Inc., BB&T Securities, LLC, Edward D. Jones & Co., L.P., UBS Financial Services Inc.||Statutory Disqualification, Approvals|
|November 30, 2015||SD-MCDC-049 et al.||Comerica Securities, Inc., Crews & Associates, Inc., Northland Securities, Inc., PNC Capital Markets LLC||Statutory Disqualification, Approvals|
|November 30, 2015||SD-MCDC-046 et al.||Ameritas Investment Corp., Duncan-Williams, Inc., Estrada Hinojosa & Company, Inc., Fifth Third Securities, Inc., The Frazer Lanier Company, Inc., Joe Jolly & Co., Inc., NW Capital Markets, Inc., Prager & Co., LLC, Ross, Sinclaire & Associates, LLC||Statutory Disqualification, Approvals|
|November 18, 2015||2014040651301||Yaron Reuven||Disciplinary Decision|
|November 06, 2015||2014041319201||APPEALED: Miguel Ortiz||Disciplinary Decision|
|October 29, 2015||2011025444501||APPEALED: Wood (Arthur W.) Company||Disciplinary Decision|
|October 23, 2015||2013038136101||Andrew Lyman Quinn,||Disciplinary Decision|
|October 22, 2015||201203564701||Order Granting, in Part, Enforcement's Motion for Leave to Offer Telephone Testimony||Disciplinary Order|
|October 22, 2015||20100215720-01||eBX, LLC||Disciplinary Decision|
|October 05, 2015||2009017899801||APPEALED: Rani T. Jarkas||Disciplinary Decision|
|October 02, 2015||2011025679201||MSC – BD, LLC and Paul J. McIntyre||Disciplinary Decision|
|October 02, 2015||2013036799501||APPEALED: Michael Casas||Disciplinary Decision|
|October 01, 2015||2013035095301||Candace Jean Lee||Disciplinary Decision|
|October 01, 2015||2013035344201||Protective Order Governing Personal Confidential Information||Disciplinary Order|
|September 29, 2015||SD-2029||Bret M. Shapiro with Dawson James Securities, Inc.||Statutory Disqualification, Denials|
|September 25, 2015||2012032950101||APPEALED: Joseph R. Butler||Disciplinary Decision|
|September 25, 2015||2012034211301||APPEALED: Fuad Ahmed||Disciplinary Decision|
|September 21, 2015||20080148227-02||Order Granting Respondents’ Preclusion Motion||Disciplinary Order|
|September 15, 2015||2012033508702||APPEALED: Wall Street Securities, Inc., Gary Savage, Sr., and Louis Karl Kittlaus||Disciplinary Decision|
|August 27, 2015||2012034934301||Wedbush Securities Inc.||Disciplinary Decision|
|August 13, 2015||2011025622001||SWS Financial Service, Inc.||Disciplinary Decision|
|August 10, 2015||SD-MCDC-026 et al.||Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Oppenheimer & Co. Inc., RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Inc.||Statutory Disqualification, Approvals|