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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
November 01, 2007 ELI2004026701 Hearing Panel Decision in Department of Enforcement v. Iftikhar Ul Haq

Related Documents

Disciplinary Decision
October 31, 2007 20070077587 Order Resolving Certain Pre-Hearing Motions Disciplinary Order
October 18, 2007 C10030095 John Audifferen Disciplinary Decision
October 16, 2007 2005001919501 Order Granting in Part and Denying in Part Complainant's Motion for Summary Disposition and Denying Respondent's Motion for Summary Disposition

Related Documents

Disciplinary Order
October 15, 2007 C11040006 Hearing Panel Decision in Department of Enforcement v. Justin F. Ficken

Related Documents

Disciplinary Decision
October 11, 2007 E0220030425-01 Geoffrey Ortiz Disciplinary Decision
September 28, 2007 200500631501 Bryan L. Claggett Disciplinary Decision
September 27, 2007 2005001305701 Hearing Panel Decision in Department of Enforcement v. Harvest Capital Investments, LLC and Dennis Cotto

Related Documents

Disciplinary Decision
September 14, 2007 C07050042 Wanda P. Sears Disciplinary Decision
September 07, 2007 2006004240301 Hearing Panel Decision in Department of Enforcement v. Trent A. Johnson Disciplinary Decision
August 16, 2007 E112005002003 Order Denying Respondents' Motion to Compel Identification and Production of Withheld Documents Disciplinary Order
August 14, 2007 2005001819101 Hearing Panel Decision in Department of Enforcement v. Domestic Securities, Inc.

Related Documents

Disciplinary Decision
August 12, 2007 CAF030014 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
August 09, 2007 2005000323905 Order Regarding Respondent 2's Motions for Official Notice Disciplinary Order
August 07, 2007 CAF040079 Order Regarding Post-Hearing Briefs Disciplinary Order
August 07, 2007 20060042305-01 Scheduling Order Disciplinary Order
August 02, 2007 20060050165-01 Order Establishing Pre-Hearing and Hearing Schedule and Procedures Disciplinary Order
July 31, 2007 E8A20041203102 Hearing Panel Decision in Department of Enforcement v. Michelle M. Mayo Disciplinary Decision
July 31, 2007 20060058633 NAC Redacted Membership Decision 20060058633 Membership Decision
July 30, 2007 20050000720-02 Order Overruling the Parties' Objections to Exhibits and Witnesses Disciplinary Order
July 27, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
July 27, 2007 E072004072501 Andrew J. Hardin Disciplinary Decision
July 27, 2007 E8A2002109804 Hearing Panel Decision in Department of Enforcement v. Joseph A. Zaragoza

Related Documents

Disciplinary Decision
July 26, 2007 C07050029 Anthony Cipriano Disciplinary Decision
July 25, 2007 C8A050055 Daniel W. Bukovcik Disciplinary Decision