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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
December 22, 2014 SD-2042 Thomas Core with Aegis Capital Corp. Statutory Disqualification, Approvals
December 22, 2014 2012034389202 APPEALED: Bernard G. McGee

Related Documents

Disciplinary Decision
December 18, 2014 SD1904, SD-1905, SD-1984 J.P. Morgan Securities, LLC Statutory Disqualification, Approvals
December 17, 2014 SD-1802 Deutsche Bank Securities, Inc. Statutory Disqualification
December 11, 2014 20070094044 APPEALED: Wedbush Securities, Inc. and Edward William Wedbush Disciplinary Decision
December 11, 2014 SD-1997 Ronald M. Berman Statutory Disqualification, Denials
December 10, 2014 2011026386001 Order Appointing Replacement Hearing Officer, Amending Caption, and Setting Hearing Dates Disciplinary Order
December 10, 2014 2011025957702 Gary Giblen Disciplinary Decision
December 08, 2014 2011030781201 Order (1) Denying Respondent’s Motion to Dismiss, (2) Granting in Part Enforcement’s Motion to Strike, and (3) Directing Respondent to File an Amended Answer Disciplinary Order
December 02, 2014 2012030570301 Calvin B. Grigsby Disciplinary Decision
December 01, 2014 2011025676501 Order Granting, In Part, Motion for More Definite Statement Disciplinary Order
November 06, 2014 SD-2017 Piper Jaffray & Co. Statutory Disqualification, Approvals
November 03, 2014 20110273503 Richard A. McGuire

Related Documents

Disciplinary Decision
October 13, 2014 2010022977801 Ameriprise Financial Services, Inc. and David B. Tysk

Related Documents

Disciplinary Decision
October 08, 2014 2011030192201 APPEALED: Alfred P. Reeves, III Disciplinary Decision
October 03, 2014 2009016034101 APPEALED: Anthony A. Grey Disciplinary Decision
October 02, 2014 20130379350 APPEALED: Bering Strait Securities, Inc. Membership Decision
October 02, 2014 SD-1798 Wells Fargo Advisors, LLC Statutory Disqualification, Approvals
September 30, 2014 2012032519101 Order Denying Respondent’s Motion for Production of Documents

Related Documents

Disciplinary Order
September 29, 2014 M00010005 In the Matter of the Membership Continuance Application of The Firm Membership Decision, Redacted Decision
September 29, 2014 2013037332701 Dale Edward Para Disciplinary Decision
September 09, 2014 SD-2012 David S. Thomas, Jr. with Purshe Kaplan Sterling Investments, Inc. Statutory Disqualification, Approvals
September 09, 2014 2011025617702 Order Denying Respondents’ Motion to Permit Expert Testimony Disciplinary Order
August 12, 2014 20100226015-01 Hearing Panel Decision in Department of Enforcement v. Jack Brian Weinstock Disciplinary Decision
August 11, 2014 2009019042402 Extended Hearing Panel Decision in Department of Enforcement v. James E. Rooney, Jr. Disciplinary Decision