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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
January 10, 2008 2005001085001 Hearing Panel Decision in Department of Enforcement v. Warren K. Hansen Disciplinary Decision
January 08, 2008 CAF020048 Vincent M. Uberti Disciplinary Decision
January 04, 2008 C3B050012 Ronald Pellegrino Disciplinary Decision
January 01, 2008 SD08007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2008 SD08001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2008 SD08006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2008 SD08003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2008 SD08002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2008 SD08008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2008 SD08004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2008 SD08005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
December 27, 2007 E8A2004095901 Jason A. Craig Disciplinary Decision
December 20, 2007 C9B040098 Scott Epstein Disciplinary Decision
December 19, 2007 C10040052 Hearing Panel Decision in Department of Enforcement v. Scott Mathis

Related Documents

Disciplinary Decision
December 14, 2007 C05050015 Kevin P. Calandro and James W. Browne Disciplinary Decision
December 11, 2007 20050000720-02 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
December 07, 2007 ARB070050 Order Deeming Request for Hearing Abandoned and Terminating Expedited Proceeding and Notice that Respondent's Suspension Is in Effect Disciplinary Order
December 06, 2007 20070086505-01 Order to Show Cause Disciplinary Order
December 04, 2007 C05020055 Michael F. Siegel Disciplinary Decision
November 30, 2007 E8A2005014902 Hearing Panel Decision in Department of Enforcement v. North Woodward Financial Corp. and Douglas A. Troszak

Related Documents

Disciplinary Decision
November 28, 2007 EAF0400300001 Hearing Panel Decision in Department of Enforcement v. Kirlin Securities, Inc., Anthony J. Kirincic, David O. Lindner and Andrew J. Israel

Related Documents

Disciplinary Decision
November 26, 2007 2005000323905 Order Denying Motion (1) to Reassign, (2) for Additional Information Regarding Panelists, (3) to Permit Discovery and (4) for a Delay in the Hearing Disciplinary Order
November 16, 2007 E102004083703 Hearing Panel Decision in Department of Enforcement v. Harvey M. Schwartz Disciplinary Decision
November 06, 2007 2006005936701 Hearing Panel Decision in Department of Enforcement v. William D. Mattes, Sr. Disciplinary Decision
November 06, 2007 2006004494201 Hearing Panel Decision in Department of Enforcement v. Todd William Cowle Disciplinary Decision