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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 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
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

Related Documents

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

Related Documents

Disciplinary Order
November 24, 2004 C9A040020 Hearing Panel Decision in Department of Enforcement v. Paul V. Roddy, Jr. Disciplinary Decision
November 22, 2004 CAF030008 Frank Peter Quattrone Disciplinary Decision
November 19, 2004 C05030036 Hearing Panel Decision in Department of Enforcement vs. Sisung Securities Corporation et al.

Related Documents

Disciplinary Decision
November 16, 2004 C10040019 Hearing Panel Decision in Department of Enforcement v. Oscar Montenegro Disciplinary Decision
October 28, 2004 CAF040020 Order Ruling On Pre-Hearing Motions Disciplinary Order
October 19, 2004 ARB040033 Order Denying Respondent's Motion To Dismiss Disciplinary Order
October 19, 2004 C07040048 Hearing Panel Decision in Department of Enforcement v. Lacy M. Walthall, III Disciplinary Decision
October 12, 2004 SD04005 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
October 12, 2004 C10030030 Hearing Panel Decision as to Respondent Redacted Decision
October 12, 2004 CAF040020 Order Ruling On Pre-Hearing Motions Disciplinary Decision
October 12, 2004 CAF040056 Order Rejecting Filing Disciplinary Order
October 11, 2004 C8A030089 Hearing Panel Decision in Department of Enforcement v. Joseph Rogala

Related Documents

Disciplinary Decision
October 08, 2004 C06040017 Hearing Panel Decision in Department of Enforcement v. David Allen Regis Disciplinary Decision