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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
June 28, 2016 2013038418201 Joseph N. Barnes, Sr. Disciplinary Decision
June 17, 2016 SD-2026 RBS Securities, Inc. Statutory Disqualification
June 10, 2016 2011030293503 APPEALED: Richard Gomez Disciplinary Decision
June 08, 2016 SD-2088 James D. Goodland with Spire Securities LLC Statutory Disqualification, Approvals
June 03, 2016 2013035211801 APPEALED: David A. Elgart

Related Documents

Disciplinary Decision
June 03, 2016 2012030731802 APPEALED: William H. Murphy & Co., Inc. and William H. Murphy Disciplinary Decision
May 24, 2016 2014043020901 Order Ruling on Witness Objections Disciplinary Order
May 20, 2016 2013038333001 Order Denying Respondent’s Motion for Request for Documents and Information Disciplinary Order
May 20, 2016 SD-2027 APPEALED: Christopher Cota with Capital Financial Services, Inc. Statutory Disqualification, Denials
May 16, 2016 2010022977801 APPEALED: David B. Tysk Disciplinary Decision
May 09, 2016 SD-2069 APPEALED: Bruce Meyers with Meyers Associates, L.P. Statutory Disqualification, Denials
May 02, 2016 2014040968501 APPEALED: Ahmed Gadelkareem

Related Documents

Disciplinary Decision
April 27, 2016 2010020954501 APPEALED: Meyers Associates, L.P., Bruce Meyers, and Imtiaz A. Khan

Related Documents

Disciplinary Decision
April 18, 2016 2011027007901 APPEALED: Shashishekhar Doni

Related Documents

Disciplinary Decision
April 06, 2016 SD-2010 Michael C. Furman with Citigroup Global Markets, Inc. Statutory Disqualification, Approvals
April 04, 2016 20120320803-01 APPEALED: Peter J. Auzers and Shiva Naby

Related Documents

Disciplinary Decision
March 30, 2016 2013036681701 Order Granting Enforcement’s Motion for Leave to Withhold Documents From Discovery. Disciplinary Order
March 25, 2016 2015044379701 Order Denying Rule 9252 Request Disciplinary Order
March 24, 2016 SD-MCDC-054 et al D.A. Davidson & Co., T.D. Securities (USA) LLC, Janney Montgomery Scott LLC, Keybanc Capital Markets Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-059 et al Barclays Capital Inc., Hilltop Securities, Inc., Jefferies LLC Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-053 et al Boenning & Scattergood, Inc., First Midstate, Inc., Mitsubishi UFJ Securities (USA), Inc., Municipal Capital Markets Group, Inc., Roosevelt & Cross, Inc. Statutory Disqualification, Approvals
March 23, 2016 2010024522103 APPEALED: Brett Ian Friedberg Disciplinary Decision
March 18, 2016 2012034719701 APPEALED: Paul E. Taboada

Related Documents

Disciplinary Decision
March 11, 2016 2013038418201 Order Denying Respondent’s Motion to Compel Member Firm to Produce Additional Documents. Disciplinary Order
March 10, 2016 2012031496501 Order Denying Respondents’ Motion for Partial Summary Disposition. Disciplinary Order