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|
|January 22, 1998||CMS970026||Order Granting the Department of Enforcement's Motion for Telephone Testimony, Denying Respondents' Motion for Use of an Expert Witness and Denying Respondents' Motion to Compel Production of Documents||Disciplinary Order|
|January 21, 1998||C10970176||Order as to Respondent||Disciplinary Order|
|January 21, 1998||C04970029||Order Establishing Procedure for Arriving at Stipulations and Re-Scheduling Pre-Hearing Conference||Disciplinary Order|
|January 20, 1998||C06950004||Clinger & Co., Inc., & Norman E. Clinger||Disciplinary Decision|
|January 20, 1998||C10970158||Order Denying Motion for More Definite Statement||Disciplinary Order|
|January 20, 1998||C02960031||Donna R. Roach||Disciplinary Decision|
|January 20, 1998||C10970161||Order||Disciplinary Order|
|January 16, 1998||C04960004||Tammy S. Kwikkel-Elliott||Disciplinary Decision|
|January 15, 1998||C10970163||Order to Show Cause||Disciplinary Order|
|January 13, 1998||C10970141||Order Denying Motion for Reconsideration of Order Setting Deadline for Filing Motion for Entry of Default Decision||Disciplinary Order|
|January 12, 1998||C3A970074||Order Setting Second Pre-Hearing Conference||Disciplinary Order|
|January 08, 1998||C10970172||Order Denying Respondent's Request for Indefinite Postponement||Disciplinary Order|
|January 07, 1998||C8A960029||In the Matter of District Business Conduct Committee For District No. 8 Complainant, vs. Respondent 1||Disciplinary Decision, Redacted Decision|
|January 07, 1998||C8A960029||Bruce L. Pecaro||Disciplinary Decision|
|January 06, 1998||C02950044||Lori Sue Koppel-Heath||Disciplinary Decision|
|January 02, 1998||C10970164||Pre-Hearing Scheduling Order and Rulings on Respondent's Discovery Motion||Disciplinary Order|
|January 02, 1998||C10970158||Order Denying Motion to Compel Discovery||Disciplinary Order|
|January 01, 1998||SD98002||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|January 01, 1998||SD98007||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|January 01, 1998||SD98003||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Denials|
|January 01, 1998||SD98005||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|January 01, 1998||SD98008||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|January 01, 1998||SD98004||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Denials|
|January 01, 1998||SD98006||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|January 01, 1998||SD98001||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Denials|