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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.

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.

Date of Decision Proceeding No. Title Type
January 01, 2011 SD11001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2011 SD11002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2011 SD11007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2011 SD11003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
December 28, 2010 2006007544401 M. Paul De Vietien Disciplinary Decision
December 22, 2010 2006005318801 Kent M. Houston Disciplinary Decision
December 17, 2010 2007009848801 Dante J. DiFrancesco Disciplinary Decision
December 08, 2010 2007007151101 Hearing Decision in Department of Enforcement v. Merrimac Corporate Securities, Inc.

Related Documents

Disciplinary Decision
December 06, 2010 20050007427 Respondent Firm and Respondent 2 Disciplinary Order
November 30, 2010 20090196759 NAC Redacted Membership Decision 20090196759 Membership Decision
November 03, 2010 2008016036901 Hearing Panel Decision in Department of Enforcement v. Thomas J. Charles, Jr. Disciplinary Decision
October 28, 2010 2006006259501 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
October 26, 2010 E102003025201 Robert Conway and Kakit Ng Disciplinary Decision
October 21, 2010 2007009181101 Hearing Panel Decision in Department of Enforcement v. Dallas R. Seagraves, II Disciplinary Decision
October 21, 2010 2006005696601 Westrock Advisors, Inc. Disciplinary Decision
October 18, 2010 2006005786501 Hearing Panel Decsion in Department of Enforcement v. Joseph A. Padilla and Andrea M. Ritchie

Related Documents

Disciplinary Decision
October 15, 2010 2007008358101 Vincent P. McCrudden Disciplinary Decision
October 08, 2010 2008014621701 Order Denying Respondents' Motion to Compel Production of Documents and List of Withheld Documents

Related Documents

Disciplinary Order
October 08, 2010 2008012026601 CMG Institutional Trading, LLC and Shawn D. Baldwin Disciplinary Decision
October 08, 2010 2007009461301 Extended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
October 08, 2010 2005000879302 Legacy Trading Co., LLC and Mark Alan Uselton Disciplinary Decision
October 06, 2010 FPI100008 Hearning Panel Decision in Department of Member Regulation v. Sharemaster Expedited Decision, Rule 9550 Expedited Decisions
September 28, 2010 20090182345 In the Matter of the New Membership Application of Firm A Membership Decision
September 20, 2010 2005000171202 Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
September 17, 2010 FPI100016 Hearning Panel Decision in Department of Member Regulation v. Gremo Investments, Inc. Expedited Decision, Rule 9550 Expedited Decisions