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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
October 29, 2003 CAF030008 Order Regarding the Department's Motions in Limine Disciplinary Order
October 26, 2003 CAF030011 Order Granting in Part Respondent 1 and Respondent 2's Motion for Production of Documents Under Rule 9251(a)(3) Disciplinary Order
October 15, 2003 CAF030008 Order Denying Respondent's Motion to Compel Production of Information Regarding Withheld Documents Disciplinary Order
October 15, 2003 C01020022 Order Granting the Parties' Motions for Leave to Introduce Expert Testimony Disciplinary Order
October 14, 2003 SD03008 In the Matter of X as a Limited Representative – Corporate Securities Representative Redacted Decision, Statutory Disqualification, Denials
October 14, 2003 SD03001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
October 14, 2003 SD03006 In the Matter of the Continued Membership of Sponsoring Firm 1 Redacted Decision, Statutory Disqualification, Denials
October 14, 2003 SD03005 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
October 14, 2003 SD03002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
October 14, 2003 SD03007 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
October 14, 2003 SD03004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
October 02, 2003 C10020075 Hearing Panel Decision in Department of Enforcement v. Joseph Brian Shevlin, Jr. Disciplinary Decision
October 01, 2003 C9A030017 Hearing Panel Decision in Department of Enforcement v. Eric J. Laucius Disciplinary Decision
September 30, 2003 FPI030003 Hearing Panel Decision in Department of Enforcement v. Stanley M. Wise Expedited Decision, Rule 9540 Suspension Decisions
September 26, 2003 CLI030017 Order Granting Part Respondents' Motion for More Definite Statement Disciplinary Order
September 24, 2003 C02020055 Hearing Panel Decision in Department of Enforcement v. VMR Capital Markets US and Todd M. Ficeto

Related Documents

Disciplinary Decision
September 22, 2003 CAF000016 Hearing Panel Decision in Department of Enforcement v. Stephen Jay Drescher Disciplinary Decision
September 18, 2003 C3A030001 Order Denying Motion for Issuance of 8210 Requests Disciplinary Order
September 09, 2003 C01000003 U.S. Rica Financial, Inc. and Vinh Huu Nguyen Disciplinary Decision
September 08, 2003 03-02 Hearing Panel Decision as to Respondent Redacted Decision
September 04, 2003 C9A020018 Hearing Panel Decision in Department of Enforcement v. John J. Katsock, Jr. Disciplinary Decision
September 03, 2003 CAF010011 Hearing Panel Decision in Department of Enforcement v. J. Alexander Securities, Inc., Richard Newberg, and James Alexander

Related Documents

Disciplinary Decision
August 29, 2003 C10020076 Hearing Panel Decision in Department of Enforcement v. Jeffrey Mills Disciplinary Decision
August 27, 2003 C05020060 Hearing Panel Decision in Department of Enforcement v. John R. Bingham Disciplinary Decision
August 19, 2003 03-01 Hearing Panel Decision as to Respondent Redacted Decision