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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
November 15, 2005 CMS040165 Order Denying Respondent's Motion for Reconsideration of Scheduling Order

Related Documents

Disciplinary Order
November 09, 2005 C02040044 Hearing Panel Decision in Department of Enforcement vs. Douglas A. Rauh Disciplinary Decision
November 09, 2005 C8A040091 Hearing Panel Decision in Department of Enforcement vs. Joyce English Disciplinary Decision
October 30, 2005 C9B040098 Hearing Panel Decision in Department of Enforcement vs. Scott Epstein

Related Documents

Disciplinary Decision
October 30, 2005 CAF040079 Order Denying Motion to Reconsider Appointment of Extended Hearing Panelists Disciplinary Order
October 30, 2005 C3A040045 Order (1) Granting Complainant's Motion for Leave to Offer Telephone Testimony and Denying Respondent's Motion to Postpone the Hearing; (2) Granting Complainant's Motion in Limine; and (3) Denying Respondent's Motion in Limine Disciplinary Order
October 27, 2005 C8A030099 Timothy J. Duma Disciplinary Decision
October 19, 2005 CAF040058 Order Granting the Parties' Motions for Leave to Introduce Expert Testimony

Related Documents

Disciplinary Order
October 18, 2005 C8A030078 Scott E. Wiard & James D. Reisinger Disciplinary Decision
October 12, 2005 C06030035 Hearing Panel Decision in Department of Enforcement vs. Doyle Mark White Disciplinary Decision
October 12, 2005 CMS030257 In the Matter of Department of Market Regulation, Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
October 11, 2005 CAF040058 Order Granting Joint Motion for a Protective Order

Related Documents

Disciplinary Order
October 11, 2005 C8A030089 Joseph Rogala Disciplinary Decision
October 11, 2005 C9B050022 Order Denying Respondent's Motion for Discovery Disciplinary Order
October 05, 2005 CLG050049 Order Regarding Attendance of Wittnesses' Counsel at Hearing Disciplinary Order
October 03, 2005 FPI040002 Ryan & Company, LP and Scott W. Ryan Disciplinary Decision
September 30, 2005 CMS040165 In the Matter of Department of Market Regulation, Complainant, vs.[Respondent Firm], et al. Attorney Disqualification Ruling
September 27, 2005 C3A040001 Hearing Panel Decision in Department of Enforcement vs. Charles A. DaCruz & Thomas J. Linda

Related Documents

Disciplinary Decision
September 26, 2005 ARB040051 Decision in Department of Enforcement v. Respondent Expedited Decision, Rule 9550 Expedited Decisions
September 07, 2005 C01040025 Hearing Panel Decision in Department of Enforcement vs. Jimmie Lee Griffith

Related Documents

Disciplinary Decision
September 07, 2005 C01040029 Hearing Panel Decision in Department of Enforcement vs. Thomas James Carr Disciplinary Decision
September 06, 2005 C01040001 Department of Enforcement, Complainant, vs. Respondent Firm and Respondent Disciplinary Decision, Redacted Decision
August 31, 2005 CMS020247 Terrance Yoshikawa Disciplinary Decision
August 30, 2005 CMS040094 Hearing Panel Decision in Department of Enforcement vs. Florida Discount Securities, Inc. Disciplinary Decision
August 19, 2005 CMS040165 Order on Remand From the National Adjudicatory Council Granting Complinant's Motion to Disqualify Counsel for Respondents 1 and 2

Related Documents

Disciplinary Order