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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 14, 2005 C10040025 Hearing Panel Decision in Department of Enforcement vs. John Brigandi

Related Documents

Disciplinary Decision
January 14, 2005 ARB040045 Order Deeming Defense as Abandoned, Hearing as Waived, and Nasd Suspension Notice as Final Disciplinary Order
January 10, 2005 C9B040013 Hearing Panel Decision in Department of Enforcement vs. Hennion & Walsh, Inc. Disciplinary Decision
January 07, 2005 ARB040032 Stephen B. Webster Expedited Decision, Rule 9550 Expedited Decisions
January 06, 2005 C01040010 Hearing Panel Decision in Department of Enforcement vs. Patrick Orvil Nugent

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Disciplinary Decision
January 04, 2005 CAF030067 Hearing Panel Decision in Department of Enforcement vs. Asensio Brokerage Services, Inc.

Related Documents

Disciplinary Decision
January 03, 2005 C9A030041 Hearing Panel Decision in Department of Enforcement vs. James M. Coyne, Sr. Disciplinary Decision
January 01, 2005 SD05008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2005 SD05004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2005 SD05007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2005 SD05001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2005 SD05005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2005 SD05009 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2005 SD05010 In the Matter of X as a Limited Representative – Corporate Securities Representative Redacted Decision, Statutory Disqualification, Denials
January 01, 2005 SD05003 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2005 SD05006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
December 21, 2004 C8B030012 Mark F. Mizenko Disciplinary Decision
December 20, 2004 CMS000142 Ko Securities, Inc. Disciplinary Decision
December 15, 2004 CAF040042 Hearing Panel Decision in Department of Enforcement v. LH Ross & Company, Inc. Disciplinary Decision
December 10, 2004 CMS030182 Hearing Panel Decision in Department of Enforcement v. Yankee Financial Group, Inc.

Related Documents

Disciplinary Decision
December 09, 2004 CMS020143 Joseph A. Geraci, II Disciplinary Decision
December 02, 2004 C02020055 VMR Capital Markets US Disciplinary Decision
November 30, 2004 C9B030076 Hearing Panel Decision in Department of Enforcement v. Raghavan Sathianathan

Related Documents

Disciplinary Decision
November 29, 2004 C02040016 Hearing Panel Decision in Department of Enforcement v. Phillippe N. Keyes

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Disciplinary Decision
November 26, 2004 C9B030076 Order Denying Respondent's Amended Motion to Reconsider Order Denying Motion to Dismiss

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Disciplinary Order