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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 25, 2015 SD-2025 ConvergEx Execution Solutions, LLC Statutory Disqualification, Approvals
March 19, 2015 20100215720-01 Order Denying Respondent’s Motion for Permission to Seek Additional Party Discovery Disciplinary Order
March 18, 2015 DFC140002 Order Granting Complainant's Motion to Dismiss Hearing Request Expedited Order
March 18, 2015 DFC140002 Order Granting Complainant’s Motion to Dismiss Hearing Request Disciplinary Order
March 17, 2015 2011027271901 Richard Blair Disciplinary Decision
March 16, 2015 2006006705601r APPEALED: John M.E. Saad Disciplinary Decision
March 12, 2015 FPI140011 Hearing Panel Decision in Regulatory Operations v. Alex Lubetsky Expedited Decision, Rule 9550 Expedited Decisions
March 10, 2015 2011026788801 Keith Geary Disciplinary Decision
March 09, 2015 2012030724101 APPEALED: Fox Financial Management Corporation, Brian A. Murphy, and James E. Rooney, Jr.

Related Documents

Disciplinary Decision
March 09, 2015 2011025899601 David and Sian Harari Disciplinary Decision
March 03, 2015 20110269351 John Cherry, III Disciplinary Decision
February 27, 2015 2011028061001 APPEALED: Keilen Dimone Wiley Disciplinary Decision
February 26, 2015 SD-2024 G-Trade Services LLC Statutory Disqualification, Approvals
February 23, 2015 2010024522103 Order Denying Respondents’ Motion Pursuant to Rule 9251 Disciplinary Order
February 13, 2015 2013036217601 Order Granting in Part and Denying in Part Enforcement’s Motion to Compel Respondent’s Compliance with a Post-Complaint Rule 8210 Request for Testimony Disciplinary Order
February 03, 2015 2011025706401 Order Granting Department of Enforcement’s Motion for Leave to Offer Expert Testimony Disciplinary Order
February 03, 2015 SD-1865 Guy S. Amico with Newbridge Securities Corp. Statutory Disqualification, Approvals
January 30, 2015 SD-1865 Scott H. Goldstein with Newbridge Securities Corp. Statutory Disqualification, Approvals
January 29, 2015 SD-2050 Theodore Rothman with First Allied Securities, Inc. Statutory Disqualification, Approvals
January 27, 2015 2012034936005 Order Denying Respondent’s Motion to Compel Production of Documents and Rule 9252 Motion

Related Documents

Disciplinary Order
January 20, 2015 2011028647101 John Carris Investments, LLC, George Carris, Andrey Tkatchenko, Jason Barter, and Randy Heckler Disciplinary Decision
January 09, 2015 20120334673-01 Department of Enforcement v. John Thomas Financial, Inc. Disciplinary Decision
December 30, 2014 2009020941801 APPEALED: Lek Securities Corporation and Samuel Frederik Lek

Related Documents

Disciplinary Decision
December 30, 2014 20080148227-02 Order Granting, in Part, and Denying in Part, Respondents 1, 4, 2’s Motions for More Definite Statement and Denying Respondent 3’s Motion for More Definite Statement Disciplinary Order
December 29, 2014 2009019108901 APPEALED: William Scholander and Talman Harris Disciplinary Decision, Redacted Decision