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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
December 20, 2002 C3A020013 Hearing Panel Decision in Department of Enforcement v. Joseph J. Vastano, Jr.

Related Documents

Disciplinary Decision
December 20, 2002 C10000122 Hearing Panel Decision in Department of Enforcement v. Vincent J. Puma

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Disciplinary Decision
December 14, 2002 CAF000045 Hearing Panel Decision as to Respondent

Related Documents

Redacted Decision
December 13, 2002 C02020014 Hearing Panel Decision in Department of Enforcement v. Young Min Kim Disciplinary Decision
December 13, 2002 C04020006 Hearing Panel Decision in Department of Enforcement v. Curtis W. Triggs, Jr. Disciplinary Decision
November 27, 2002 C01000037 Pacific On-Line Trading & Securities, Inc., & Timothy Alan McAdams Disciplinary Decision
November 27, 2002 CAF000027 Hearing Panel Decision as to Respondent Redacted Decision
November 13, 2002 CMS000142 Ko Securities, Inc. Disciplinary Decision
November 06, 2002 C3A020020 Hearing Panel Decision in Department of Enforcement v. Stephanie Ann Dixon Disciplinary Decision
November 05, 2002 C01010009 Hearing Panel Decision in Department of Enforcement v. Chris Dinh Hartley

Related Documents

Disciplinary Decision
October 27, 2002 CAF980002 John Fiero & Fiero Brothers, Inc. Disciplinary Decision
October 21, 2002 C10000122 Vincent J. Puma Disciplinary Decision
October 17, 2002 C8A010020 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
October 07, 2002 C01010018 Hearing Panel Decision in Department of Enforcement v. Brendan Conley Walsh Disciplinary Decision
October 03, 2002 DFC020014 NASD Treasurer, Complainant, v. Respondent Expedited Decision, Rule 9530 Suspension Decisions
September 24, 2002 C01020003 Hearing Panel Decision in Department of Enforcement v. Martin Herbert Meckler Disciplinary Decision
September 17, 2002 C9B020016 Hearing Panel Decision in Department of Enforcement v. Michael K. Kalmaer Disciplinary Decision
September 13, 2002 C06010025 Hearing Panel Decision in Department of Enforcement v. Arlie R. Horn, Jr. and Lindsay A. Byrum Disciplinary Decision
September 05, 2002 C02010041 Hearing Panel Decision in Department of Enforcement v. Anthony H. Barkate

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Disciplinary Decision
August 13, 2002 C07010100 Hearing Panel Decision in Department of Enforcement v. David William Haburjak Disciplinary Decision
August 13, 2002 C05010012 Wendell D. Belden Disciplinary Decision
August 13, 2002 C01010017 Hearing Panel Decision in Department of Enforcement v. James Richard Wamsley Disciplinary Decision
August 05, 2002 C8A010048 Hearing Panel Decision in Department of Enforcement v. Christian W. Baker Disciplinary Decision
July 29, 2002 CAF000045 Morgan Stanley DW Inc., et al. Disciplinary Decision
July 09, 2002 C01000003 Hearing Panel Decision in Department of Enforcement v. U.S. Rica Financial, Inc. and Vinh Huu Nguyen

Related Documents

Disciplinary Decision