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Adjudications & Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement 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.


View All Adjudications & Decisions

Date of Decision Proceeding No. Title Type
April 30, 2008 2005000191701 Hearing Panel Decision in Department of Market Regulation v. Paul M. Giarmoleo Disciplinary Decision
April 30, 2008 E9B2003026301 Carl Martin Trevisan Disciplinary Decision
April 30, 2008 CE3050003 American Fund Distributors, Inc. Disciplinary Decision
April 25, 2008 CAF040079 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
April 23, 2008 E102003025201 Hearing Panel Decision in Department of Enforcement v. Robert Conway and Kakit Ng

Related Documents

Disciplinary Decision
April 10, 2008 20060042305-01 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
April 04, 2008 2005003437102 Order Granting Department of Enforcement's Motion to Strike Respondent's Unclean Hands Affirmative Defense

Related Documents

Disciplinary Order
April 04, 2008 2005003437102 Order Denying Respondent's Motion for Summary Disposition

Related Documents

Disciplinary Order
April 04, 2008 2005003437102 Order Granting Respondent's Motion Pursuant to Rule 9252 to Compel Testimony at Hearing

Related Documents

Disciplinary Order
March 27, 2008 C02050006 Order Approving and Forwarding Contested Offer of Settlement

Related Documents

Disciplinary Order
March 18, 2008 2006005849101 Order Denying Motion to Set Aside Default Decision Disciplinary Order
March 18, 2008 2006004992601 Hearing Panel Decision in Department of Enforcement v. Brent K. Deviney Disciplinary Decision
March 12, 2008 CAF040052 Jericho Nicolas, Angel Cruz and Anthony Joseph Martinez Disciplinary Decision
March 07, 2008 2005002570601 Paul Douglas Paratore Disciplinary Decision
February 29, 2008 20070077587 Rulings on Pre-Hearing Motions and Notice of Hearing Disciplinary Order
February 26, 2008 2005003437102 Order Denying Motion for Leave to Offer Expert Testimony

Related Documents

Disciplinary Order
February 21, 2008 E0420030634-04 Hearing Panel Decision in Department of Enforcement v. John M. Repine Disciplinary Decision
February 20, 2008 2006005005301 Hearing Panel Decision in Department of Enforcement v. Shane A. Selewach Disciplinary Decision
February 20, 2008 E8A20050252 CMG Institutional Trading, LLC and Shawn D. Baldwin Disciplinary Decision
February 15, 2008 2005003437102 Order Denying Respondent's Motion to Compel Production of Documents

Related Documents

Disciplinary Order
February 07, 2008 E102004083704 Hearing Panel Decision in Department of Enforcement v. Marc Winters

Related Documents

Disciplinary Decision
February 07, 2008 E102004083705 Hearing Panel Decision in Department of Enforcement v. Lisa Ann Tomiko Nouchi

Related Documents

Disciplinary Decision
February 06, 2008 E8A2003084806 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
January 10, 2008 2005001085001 Hearing Panel Decision in Department of Enforcement v. Warren K. Hansen Disciplinary Decision
January 08, 2008 CAF020048 Vincent M. Uberti Disciplinary Decision