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|
|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.||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||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||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|