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
| Date of Decision | Proceeding No. | Title | Type |
|---|---|---|---|
| August 08, 2014 | SD-2037 | Jason Ginder with National Securities Corp. | Statutory Disqualification, Approvals |
| August 05, 2014 | 2011027402201 | ; CALLED FOR REVIEW: Raymond Thomas Clark | Disciplinary Decision |
| August 01, 2014 | 20080127674 & 20080133768 | Angelo Xagoraris | Disciplinary Decision |
| July 25, 2014 | 2011027007901 | APPEALED: Shashishekhar Doni | Disciplinary Decision |
| July 21, 2014 | 2010021303301 | North Woodward Financial Corp. and Douglas A. Troszak | Disciplinary Decision |
| July 18, 2014 | 2009019837302 | APPEALED: Blair C. Mielke and Frederick W. Shultz | Disciplinary Decision |
| July 16, 2014 | 2012033128703 | Order Granting Motion to Limit Dissemination and Use of Personal Confidential Information | Disciplinary Order |
| July 08, 2014 | 2009020465801 | Hearing Panel Decision in Department of Enforcement v. Keith D. Geary | Disciplinary Decision |
| July 08, 2014 | 2012032950101 | Hearing Panel Decision in Department of Enforcement v. Joseph R. Butler | Disciplinary Decision |
| July 03, 2014 | 20110275168-01 | Hearing Panel Decision in Department of Market Regulation v. Jonathan Kohanof | Disciplinary Decision |
| June 25, 2014 | 2012034211301 | Hearing Panel Decision in Department of Enforcement v. Success Trade Securities, Inc. and Fuad Ahmed | Disciplinary Decision |
| June 17, 2014 | 2011026788801 | Order Denying Summary Disposition | Disciplinary Order |
| June 13, 2014 | 2010025350001 | Hearing Panel Decision in Department of Enforcement v. Roric E. Griffith | Disciplinary Decision |
| June 03, 2014 | 2010023724601 | David Kristian Evansen | Disciplinary Decision |
| May 27, 2014 | 2011028003001 | Hearing Panel Decision in Department of Enforcement v. Ashik Akberali Kapasi | Disciplinary Decision |
| May 20, 2014 | 2010021621201 | Michael Pino | Disciplinary Decision |
| May 16, 2014 | 2011028502101 | Hearing Panel Decision in Department of Enforcement v. North Woodward Financial Corp. and Douglas A. Troszak | Disciplinary Decision |
| May 14, 2014 | 2011025674101 | Shlomi S. Eplboim | Disciplinary Decision |
| May 09, 2014 | 2010023349601 | APPEALED: Denise M. Olson | Disciplinary Decision |
| May 08, 2014 | 2012031142101 | Hearing Panel Decision in Department of Enforcement v.John Allan Waldock, Jr. | Disciplinary Decision |
| May 07, 2014 | SD-1757, SD-1758, & SD-1896 | UBS Financial Services, Inc., and UBS Securities, LLC | Statutory Disqualification, Approvals |
| May 06, 2014 | 2010025181001 | Hearing Panel Decision in Department of Enforcement v. John Vincent Ballard | Disciplinary Decision |
| May 02, 2014 | 2008012925001 | APPEALED: The Dratel Group, Inc. and William M. Dratel | Disciplinary Decision |
| April 29, 2014 | 2011028061001 | Hearing Panel Decision in Department of Enforcement v. Keilen Dimone Wiley | Disciplinary Decision |
| April 24, 2014 | 2011029760201 | Charles Schwab & Company, Inc. | Disciplinary Decision |