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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
March 16, 2017 2015044921601 Order Denying Respondent’s Motion for Leave to Present Expert Testimony Disciplinary Order
March 16, 2017 ARB160047 J. Thaddeus McGaffey Expedited Decision
March 15, 2017 2009017440201 APPEALED: Louis Ottimo Disciplinary Decision
March 15, 2017 2010025087302 APPEALED: Thaddeus J. North Disciplinary Decision
March 15, 2017 2011025444501 Wood (Arthur W.) Company, Inc. Disciplinary Decision
March 13, 2017 2011027926301 Matthew Joseph Sheerin Disciplinary Decision
March 08, 2017 2015044921601 Order Denying Respondent’s Discovery Motion. Disciplinary Order
March 08, 2017 SD-2117 Craig Scott Taddonio as a General Securities Representative with Meyers Associates, L.P. (n/k/a Windsor Street Capital, LP) Statutory Disqualification
March 03, 2017 2014039285401 APPEALED: Southeast, N.C., Inc. and Frank Harmon Black Disciplinary Decision
February 24, 2017 2014042059701 Order Denying Respondent’s Motion for Permission to Offer Expert Testimony. Disciplinary Order
February 09, 2017 2013035344201 Red River Securities, LLC and Brian Keith Hardwick Disciplinary Decision
February 09, 2017 SD-2125 Alfred G. Block with Buckman, Buckman and Reid, Inc. Statutory Disqualification, Approvals
February 07, 2017 2014042291901 Order Denying Respondents’ Motion for Summary Disposition. Disciplinary Order
January 30, 2017 2013037401001 Sua Sponte Order Striking Portions of Respondent’s Answer and Precluding Immaterial and Impertinent Evidence Disciplinary Order
January 26, 2017 2012030738501 APPEALED: J.W. Korth and Company Disciplinary Decision
January 25, 2017 SD-2062 Oppenheimer & Co. Disciplinary Decision
January 25, 2017 SD-2062 Oppenheimer & Co., Inc. Statutory Disqualification, Approvals
January 13, 2017 2011026346206 Jaoshiang Luo Disciplinary Decision
January 13, 2017 2013036799501 J. Michael Casas Disciplinary Decision
January 11, 2017 2013037097602 Jeffery A. Vaughn Disciplinary Decision
January 10, 2017 2012033362101 Thomas Edmund Connors Disciplinary Decision
January 06, 2017 2012030724101 Fox Financial Management Corporation, Brian A. Murphy, James E. Rooney, Jr. Disciplinary Decision
January 04, 2017 2014041319201 Miguel Ortiz Disciplinary Decision
December 28, 2016 2014042690502 Order Granting, in Part, Respondents' Motion Requesting Issuance of FINRA Rule 8210 Requests. Disciplinary Order
December 16, 2016 2014040876001 APPEALED: Kenneth J. Mathieson Disciplinary Decision