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.
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|
|December 30, 1999||CAF990018||Order Denying Motion for Summary Disposition||Disciplinary Order|
|December 17, 1999||C02980051||Gordon Kerr||Disciplinary Decision|
|December 14, 1999||C04990005||Bradford Lee Brinton||Disciplinary Decision|
|December 10, 1999||C10970145||Hearing Panel Decision in Department of Enforcement v. Monitor Investment Group, Ltd., Michael Galasso, Jr., Emmanuel Gennuso, Patrick Giglio, and Steven Goldstein||Disciplinary Decision|
|December 02, 1999||CAF980013||Hearing Panel Decision in Department of Enforcement v. Herman Epstein||Disciplinary Decision|
|December 01, 1999||C11970032||Hearing Panel Decision in Department of Enforcement v. Daniel Richard Howard||Disciplinary Decision|
|November 22, 1999||C10990058||Hearing Panel Decision in Department of Enforcement v. Phillip J. Milligan||Disciplinary Decision|
|November 19, 1999||C8A990017||Hearing Panel Decision in Department of Enforcement v. David L. Foran||Disciplinary Decision|
|November 18, 1999||C8A990015||Hearing Panel Decision||Redacted Decision|
|November 12, 1999||C9A980021||Robert J. Kendzierski||Disciplinary Decision|
|November 09, 1999||C9B960013||Steven D. Goodman||Disciplinary Decision|
|November 04, 1999||C8A980054||Sylvester Cannon, Jr.||Disciplinary Decision|
|November 03, 1999||C02980025||Roger Harry Chlowitz||Disciplinary Decision|
|November 03, 1999||C02970018||In the Matter of District Business Conduct Committee For District No. 2, Complainant, vs. Respondent||Disciplinary Decision, Redacted Decision|
|November 03, 1999||C04970050||Ansula Pet Hwa Liu||Disciplinary Decision|
|October 31, 1999||CAF980025||Richard Stephen Levitov & Ralph Joseph Angeline||Disciplinary Decision|
|October 18, 1999||C07990013||Hearing Panel Decision in Department of Enforcement v. Alberto E. Argomaniz||Disciplinary Decision|
|October 18, 1999||C07980011||Mark S. Balbirer||Disciplinary Decision|
|October 18, 1999||CMS920002||Order Denying Motion to Stay Proceedings and to Vacate Current Scheduling Order||Disciplinary Order|
|October 06, 1999||DFC990003||Rule 9530 Suspension Proceeding DFC990003||Expedited Decision, Rule 9530 Suspension Decisions|
|September 30, 1999||CMS920002||Order Directing Complainant to Comply with Rule 9251||Disciplinary Order|
|September 27, 1999||CAF980002||Order Denying Respondents' Motion for Reconsideration Regarding Invocation of Rule 8210 Pursuant to Rule 9252||Disciplinary Order|
|September 27, 1999||C02990022||Order Denying Respondent's Request for Financial Assistance to Attend Hearing||Disciplinary Order|
|September 23, 1999||C02980034||Order Denying Motion for Entry Of Default Decision Against Respondent and Granting Enforcement Leave to Re-Serve the Complaint||Disciplinary Order|
|September 21, 1999||CAF980002||Order Regarding Court Reporting Services for the Hearing||Disciplinary Order|