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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 24, 2005 C9A040024 Hearing Panel Decision in Department of Enforcement vs. Charles C. Fawcett, IV

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Disciplinary Decision
May 18, 2005 C8A030068 Todd Grafenauer Disciplinary Decision
May 18, 2005 CMS030269 Anthony John Orlando, Jr. and Philip Anthony Orlando Disciplinary Decision
May 17, 2005 C9B040098 Order Granting Motions to Strike Affirmative Defenses and for Leave to Offer Expert Testimony

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Disciplinary Order
May 17, 2005 C9B040098 Order Denying Relief Sought in Notice to Produce and Application for Protective Order

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Disciplinary Order
May 11, 2005 C3A030050 Hearing Panel Decision in Department of Enforcement vs. Roger P. May Disciplinary Decision
May 05, 2005 C02040032 Order Denying Respondent's Request for Leave to Offer Expert Testimony

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May 03, 2005 C8A030062 Paul Zdzieblowski Disciplinary Decision
April 25, 2005 C07040084 Order Granting Complainant's Motion for Telephone Testimony Disciplinary Order
April 21, 2005 C9B030045 Michael O'Hare Disciplinary Decision
April 21, 2005 CAF040070 Order Denying Respondents' Motion for Leave to Introduce Expert Testimony Disciplinary Order
April 18, 2005 C01040019 Hearing Panel Decision in Department of Enforcement vs. Beerbaum & Beerbaum Financial and Insurance Services, Inc.

Related Documents

Disciplinary Decision
April 15, 2005 CAF040025 Hearing Panel Decision in Department of Enforcement vs. Steven C. Kirsch Disciplinary Decision
April 12, 2005 ARB050010 Order Deeming Defense as Abandoned, Hearing as Waived, and Nasd Suspension Notice as Final Disciplinary Order
April 07, 2005 CAF040058 Order Denying Respondents' Motion for Leave to Introduce Expert Testimony and to Compel Production of Documents

Related Documents

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April 06, 2005 C9B040020 Hearing Panel Decision in Department of Enforcement v. Respondent

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Redacted Decision
April 06, 2005 C9B040020 In the Matter of Department of Enforcement, Complainant vs. Respondent

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Disciplinary Decision
April 05, 2005 C10020090 Joseph Abbondante Disciplinary Decision
April 05, 2005 CAF040002 Order Denying Complainant's Objection to Expert Testimony of Paul Mason Disciplinary Order
April 04, 2005 CAF040002 Order Denying Respondents' Motion in Limine to Preclude Complainant from Using New Simulation Model Disciplinary Order
March 30, 2005 CAF040002 Order Denying in Part The Department's Motion for Leave to Offer Testimony by Telephone and Denying the Respondents' Motion Pursuant to Rule 9252 Disciplinary Order
March 29, 2005 C02040044 Order Denying Motion for List of Documents Withheld Disciplinary Order
March 29, 2005 C01040017 Order Granting in Part the Department's Motion to Preclude the Respondent from Introducing Evidence at the Hearing Disciplinary Order
March 22, 2005 C9B040069 Hearing Panel Decision in Department of Enforcement vs. Howard Brett Berger

Related Documents

Disciplinary Decision
March 20, 2005 CAF030058 Order Denying Respondent's Motion to Deem Admitted Statement of Undisputed Facts Supporting Motion for Summary Disposition Disciplinary Order