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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
May 03, 2007 2005000029202 Initial Case-Management Order Disciplinary Order
April 28, 2007 E8A2003062001 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
April 24, 2007 2005000127502 Hearing Panel Decision in Department of Market Regulation v. Steven Richard Jaloza, Neal Anthony Impellizeri, and Michael Raymond Gimeli

Related Documents

Disciplinary Decision
April 24, 2007 E9B2002010501 Hearing Panel Decision in Department of Enforcement v. Kevin M. Glodek Disciplinary Decision
April 20, 2007 2005002570601 Hearing Panel Decision in Department of Enforcement v. Paul Douglas Paratore

Related Documents

Disciplinary Decision
April 18, 2007 C11040006 Hearing Panel Order Granting, in Part, and Denying, in Part, Complainant's Motion for Summary Disposition Disciplinary Order
April 16, 2007 ARB060031 In the Matter of Department of Enforcement, Complainant vs. Respondent Expedited Decision, Rule 9550 Expedited Decisions
April 12, 2007 E1020040926-01 Hearing Panel Decision in Department of Enforcement v. Respondents

Related Documents

Redacted Decision
April 11, 2007 CAF040079 Order Granting in Part Respondent's Motion to Exceed Time Limits for Specific Witnesses and Denying Motion for Reconsideration of Total Number of Witnesses to Be Called Disciplinary Order
April 11, 2007 CLG050021 Hearing Panel Decision in Department of Market Regulation v. John Patrick Leighton and Kenneth D. Pasternak Disciplinary Decision
April 09, 2007 2006004493301 Hearing Panel Decision in Department of Enforcement v. Mark S. Ritchey Disciplinary Decision
March 30, 2007 20042000056-01 Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
March 28, 2007 CAF040079 Order Regarding Witnesses Disciplinary Order
March 27, 2007 2005000440701 Order Regarding Pre-Hearing Motions Disciplinary Order
March 22, 2007 C10040052 Order Denying Respondents' Motion for Partial Summary Disposition

Related Documents

Disciplinary Order
March 20, 2007 E9B2003026301 Hearing Panel Decision in Department of Enforcement v. Timothy Behany, Edward M. VanGrouw, and Carl Martin Trevisan

Related Documents

Disciplinary Decision
March 16, 2007 C02050006 Order Requiring Counsel to File Notice of Representation or Withdrawal

Related Documents

Disciplinary Order
March 15, 2007 ARB060035 Wedbush Morgan Securities, Inc. Expedited Decision, Rule 9550 Expedited Decisions
March 07, 2007 2005000316701 Order Granting Motion to Compel or Alternatively to Preclude Oral or Documentary Evidence Disciplinary Order
February 28, 2007 2005001514501 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
February 28, 2007 2005001305701 Order Setting Philadelphia, Pa as Venue for Disciplinary Proceeding

Related Documents

Disciplinary Order
February 27, 2007 C8A050027 Marylan Taylor Disciplinary Decision
February 27, 2007 C9B050011 Charles J. Cuozzo, Jr. Disciplinary Decision
February 23, 2007 C04050005 Robert E. Strong Disciplinary Decision
February 22, 2007 E8A2002109804 Order Granting the Parties' Motions for Telephone Testimony and Deferring Ruling on Respondent's Objection to Enforcement's Proposed Exhibit CX-7

Related Documents

Disciplinary Order