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 22, 2014||SD-2042||Thomas Core with Aegis Capital Corp.||Statutory Disqualification, Approvals|
|December 22, 2014||2012034389202||APPEALED: Bernard G. McGee||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||Disciplinary Decision|
|October 13, 2014||2010022977801||Ameriprise Financial Services, Inc. and David B. Tysk||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||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|