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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
September 08, 2006 CAF040079 Order Denying Respondent's Request for Leave to File Motion in Limine Disciplinary Order
September 08, 2006 E072004072501 Hearing Panel Decision in Department of Enforcement vs. Andrew J. Hardin

Related Documents

Disciplinary Decision
September 07, 2006 CMS040165 Hearing Panel Decision in Department of Market Regulation vs. Ara Proudian

Related Documents

Disciplinary Decision
September 01, 2006 E0220030845-01 Order Requiring Counsel to File Notice Pursuant to Rule 9142 Disciplinary Order
August 30, 2006 CE3050003 Hearing Panel Decision in Department of Enforcement vs. American Funds Distributors, Inc.

Related Documents

Disciplinary Decision
August 28, 2006 C05030036 Sisung Securities Corporation Disciplinary Decision
August 28, 2006 E8A2004095901 Hearing Panel Decision in Department of Enforcement vs. Jason A. Craig

Related Documents

Disciplinary Decision
August 18, 2006 E0220030845-01 Order Postponing Hearing Disciplinary Order
August 17, 2006 C9B040059 Perpetual Securities, Inc., Cathy Y. Huang, and Youwei P. Xu Disciplinary Decision
August 16, 2006 E8A2004065102 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
August 10, 2006 A8A050063 Homeland Securities Financial Services Group, Inc. Membership Decision
August 10, 2006 C07050029 Hearing Panel Decision in Department of Enforcement vs. Anthony Cipriano

Related Documents

Disciplinary Decision
August 10, 2006 C07050050 Hearing Panel Decision in Department of Enforcement vs. Stephen P. Dunbar

Related Documents

Disciplinary Decision
August 09, 2006 E9A2004001901 Hearing Panel Decision in Department of Enforcement vs. Douglas J. Toth

Related Documents

Disciplinary Decision
August 08, 2006 C9B040020 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
August 07, 2006 CMS040069 Nicholas R. Sciascia Disciplinary Decision
August 04, 2006 CMS030182 Richard F. Kresge Disciplinary Decision
August 03, 2006 C9B040033 Robert M. Ryerson Disciplinary Decision
August 03, 2006 E0120040071-01 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted 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