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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
March 08, 2006 CAF040079 Order Granting Enforcement's Motion to Offer Testimony Via Telephone Disciplinary Order
March 07, 2006 CLG050048 Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
March 03, 2006 CAF030014 ; CALLED FOR REVIEW: Extended Hearing Panel Decision in Department of Enforcement v. Respondent

Related Documents

Redacted Decision
March 03, 2006 E9B2003033501 Order Sustaining Complainant's Objections to Respondent's Expert Witness Designation and Report Disciplinary Order
March 03, 2006 CLG050049 Hearing Panel Decision in Department of Market Regulation vs. Shawn E. Aaron Disciplinary Decision
March 02, 2006 C9B020032 Rooney A. Sahai Disciplinary Decision
March 01, 2006 C04050005 Hearing Panel Decision in Department of Enforcement vs. Robert E. Strong

Related Documents

Disciplinary Decision
February 23, 2006 C01040010 Patrick Orvil Nugent Disciplinary Decision
February 21, 2006 C9B030076 Raghavan Sathianathan Disciplinary Decision
February 10, 2006 C04050014 Hearing Panel Decision in Department of Enforcement vs. Dennis P. Cooper

Related Documents

Disciplinary Decision
February 10, 2006 C07040042 Hearing Panel Decision in Department of Enforcement vs. John D. Kaweske

Related Documents

Disciplinary Decision
February 09, 2006 E9B2003033501 Order Granting Respondent's Motion for Issuance Of Rule 8210 Requests for Information Disciplinary Order
February 08, 2006 CAF040058 Order Denying Respondents' Motion to Invoke Procedural Rule 8210

Related Documents

Disciplinary Order
February 07, 2006 C05050008 Order Granting Respondent's Motion for Production of Documents Pursuant to Rule 9253 Disciplinary Order
February 01, 2006 C02040032 Hearing Panel Decision in Department of Enforcement vs. Dana N. Frankfort

Related Documents

Disciplinary Decision
February 01, 2006 C02040032 Order Denying Motion to Dismiss

Related Documents

Disciplinary Order
January 31, 2006 C3A030008 Order Holding Respondent In Default and In Contempt, and Directing Complainant to File a Motion for Entry of Default Decision Disciplinary Order
January 26, 2006 FPI050010 Decision in Department of Enforcement v. James J. Brazil Expedited Decision, Rule 9550 Expedited Decisions
January 20, 2006 C05050015 Order Number 06-14 (C05050015)Order Following Final Pre-Hearing Conference and Rulings on Motions in Limine

Related Documents

Disciplinary Order
January 19, 2006 EAF0400300001 Order Prohibiting Use of Subpeonas

Related Documents

Disciplinary Order
January 19, 2006 CLG050021 Order Establishing Procedure Governing Presentation of Expert Testimony Disciplinary Order
January 17, 2006 CLG050021 Order Denying Complainant's Motion for Appointment of Market Regulation Panelist Disciplinary Order
January 13, 2006 CLI050016 Order Granting, In Part, Complainant's Motion to Preclude and Denying Respondent's Motion to Limit Complainant's Evidence Disciplinary Order
January 12, 2006 C07050029 Order Denying Complainant's Motion to Preclude the Respondent from Offering Evidence, Revising the Pre-Hearing Schedule, and Denying Respondent's Motion to Reconsider Denial of Motion to Compel Discovery

Related Documents

Disciplinary Order
January 12, 2006 E8A2003080701 Order Denying Respondent's Motion for Discovery Disciplinary Order