Skip to main content
Welcome to the new FINRA.org. Learn more about our updates.
Create your own user feedback survey

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
August 04, 2006 CMS030182 Richard F. Kresge Disciplinary Decision
August 03, 2006 E0120040071-01 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
August 03, 2006 C9B040033 Robert M. Ryerson Disciplinary Decision
August 01, 2006 C05050015 Hearing Panel Decision in Department of Enforcement vs. Kevin Calandro and James W. Browne

Related Documents

Disciplinary Decision
July 28, 2006 C9B040069 Howard Brett Berger Disciplinary Decision
July 28, 2006 C3B050012 Hearing Panel Decision in Department of Enforcement vs. Ronald Pellegrino

Related Documents

Disciplinary Decision
July 28, 2006 CAF030067 Asensio Brokerage Services, Inc. n/k/a Integral Securities, Inc., and Manuel Peter Asensio Disciplinary Decision
July 21, 2006 CAF040073 Hearing Panel Decision in Department of Enforcement vs. Morgan Keegan et al. Disciplinary Decision
July 21, 2006 E8A2003080701 Hearing Panel Decision in Department of Enforcement vs. Robert E. Elkins Disciplinary Decision
July 12, 2006 C8A050055 ; CALLED FOR REVIEW: Hearing Panel Decision in Department of Enforcement vs. Daniel W. Bukovcik

Related Documents

Disciplinary Decision
June 28, 2006 ARB060005 Decision in Department of Enforcement v. Respondent Expedited Decision, Rule 9550 Expedited Decisions
June 28, 2006 FPI060005 The Reid Group LLC Expedited Decision, Rule 9550 Expedited Decisions
June 09, 2006 E0220030425-01 Hearing Panel Decision in Department of Enforcement vs. Geoffrey Ortiz

Related Documents

Disciplinary Decision
June 05, 2006 CAF040052 Hearing Panel Decision in Department of Enforcement vs. Jericho Nicolas et al.

Related Documents

Disciplinary Decision
May 31, 2006 CAF030007 Order Granting Complainant's Motion to Withdraw the Complaint, with Prejudice Disciplinary Order
May 22, 2006 E072004087801 Hearing Panel Decision in Department of Enforcement vs. Hung The Nguyen Disciplinary Decision
May 19, 2006 C01040019 Beerbaum & Beerbaum Financial and Insurance Services, Inc., and Hans N. Beerbaum Disciplinary Decision
May 15, 2006 CMS040202 Hearing Panel Decision in Department of Market Regulation vs. Marshall J. Field

Related Documents

Disciplinary Decision
May 05, 2006 CAF030007 Order Granting Complainant's Motion to Withdraw the Complaint, with Prejudice Disciplinary Order
April 25, 2006 CLG050021 Order Following Final Pre-Hearing Conference and Ruling on Motions in Limine Disciplinary Order
April 18, 2006 ARB060010 Order Dismissing Request for Hearing Disciplinary Order
April 17, 2006 E1020040926-01 Order Directing the Respondents to File a Proper Answer to the Complaint

Related Documents

Disciplinary Order
April 17, 2006 CLI050016 Hearing Panel Decision in Department of Enforcement vs. Frank P. Grasso Disciplinary Decision
April 17, 2006 E0220030425-01 Order Denying Respondent's Motion to Disqualify Expert Witness

Related Documents

Disciplinary Order
April 12, 2006 CLG050021 Order Partially Granting the Complainant's Motion to Disqualify Expert Witness Disciplinary Order