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Adjudications & Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement 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.

View All Adjudications & Decisions

Date of Decision Proceeding No. Title Type
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 2005001305701 Order Setting Philadelphia, Pa as Venue for Disciplinary Proceeding

Related Documents

Disciplinary Order
February 28, 2007 2005001514501 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
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
February 20, 2007 2005001305701 Order Denying Respondents' Three Discovery Motions

Related Documents

Disciplinary Order
February 20, 2007 CLI050014 Hearing Panel Decision in Department of Enforcement v. Erik Matz Disciplinary Decision
February 16, 2007 2005000316701 Order Ruling on Respondents' Motions to Strike Department of Enforcement's Exhibits Disciplinary Order
February 16, 2007 E072004044201 Ralph Merhi Disciplinary Decision
February 15, 2007 C3A050003 Kenneth Christopher Shelley Disciplinary Decision
February 15, 2007 2005000316701 Order Ruling on Department of Enforcement's (1) Objections to Witnesses and Documents, (2) Motion to Partially Strike Respondents' Pre-Hearing Brief, (3) Motion in Limine, and (4) Motion for Ruling on the Admissibility of Documents and Business Records Disciplinary Order
February 13, 2007 2005000094001 Order Denying Respondents' Motion for Leave to Offer Expert Testimony Disciplinary Order
February 12, 2007 C02050006 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
February 12, 2007 C06040027 Sterling Scott Lee and Dennis Todd Lloyd Gordon Disciplinary Decision
February 12, 2007 C07040042 John D. Kaweske Disciplinary Decision
February 05, 2007 2005001305701 Order Denying the Respondents' Motion for a More Definite Statement

Related Documents

Disciplinary Order
February 01, 2007 E3A20050065 Order Regarding Respondent's Pre-Hearing Submissions Disciplinary Order
January 23, 2007 C3A040023 John M. Meyers and Brian C. Klein Disciplinary Decision