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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 21, 2005 C01050008 Hearing Panel Decision as to Respondent Redacted Decision
December 21, 2005 CAF040084 Hearing Panel Decision in Department of Enforcement vs. Christopher W. Black Disciplinary Decision
December 20, 2005 FPI050008 Hearing Panel Decision in Department of Enforcement v. Jay A. Ochanpaugh Expedited Decision, Rule 9550 Expedited Decisions
December 19, 2005 E1020010426-04 Order Denying Motion for More Definite Statement Disciplinary Order
December 15, 2005 CE3050003 Order Deferring Ruling on Joint Motion for Leave to Offer Expert Testimony

Related Documents

Disciplinary Order
December 15, 2005 C9B040080 Hearing Panel Decision in Department of Enforcement vs. Morton Bruce Erenstein

Related Documents

Disciplinary Decision
December 15, 2005 C05050005 Order Denying Respondent's Motion Under Rule 9253 Disciplinary Order
December 14, 2005 C07050029 Order Denying Respondent 1's Motion to Postpone the Hearing and to Compel Discovery

Related Documents

Disciplinary Order
December 12, 2005 C07040077 Dulce Maria Salaverria Disciplinary Decision
December 07, 2005 C3A050003 Hearing Panel Decision in Department of Enforcement vs. Kenneth Christopher Shelley

Related Documents

Disciplinary Decision
December 07, 2005 C11040006 Justin F. Ficken Disciplinary Decision
December 07, 2005 C10030088 Andrew P. Schneider Disciplinary Decision
November 29, 2005 C9B050011 Hearing Panel Decision in Department of Enforcement vs. Charles J. Cuozzo, Jr.

Related Documents

Disciplinary Decision
November 18, 2005 CAF040058 Order Regarding Admissibility of Tape Recordings and Transcripts

Related Documents

Disciplinary Order
November 15, 2005 CMS040165 Order Denying Respondent's Motion for Reconsideration of Scheduling Order

Related Documents

Disciplinary Order
November 09, 2005 C8A040091 Hearing Panel Decision in Department of Enforcement vs. Joyce English Disciplinary Decision
November 09, 2005 C02040044 Hearing Panel Decision in Department of Enforcement vs. Douglas A. Rauh Disciplinary Decision
October 30, 2005 C3A040045 Order (1) Granting Complainant's Motion for Leave to Offer Telephone Testimony and Denying Respondent's Motion to Postpone the Hearing; (2) Granting Complainant's Motion in Limine; and (3) Denying Respondent's Motion in Limine Disciplinary Order
October 30, 2005 C9B040098 Hearing Panel Decision in Department of Enforcement vs. Scott Epstein

Related Documents

Disciplinary Decision
October 30, 2005 CAF040079 Order Denying Motion to Reconsider Appointment of Extended Hearing Panelists Disciplinary Order
October 27, 2005 C8A030099 Timothy J. Duma Disciplinary Decision
October 19, 2005 CAF040058 Order Granting the Parties' Motions for Leave to Introduce Expert Testimony

Related Documents

Disciplinary Order
October 18, 2005 C8A030078 Scott E. Wiard & James D. Reisinger Disciplinary Decision
October 12, 2005 CMS030257 In the Matter of Department of Market Regulation, Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
October 12, 2005 C06030035 Hearing Panel Decision in Department of Enforcement vs. Doyle Mark White Disciplinary Decision