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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
July 25, 2007 C02040016 Philippe N. Keyes Disciplinary Decision
July 13, 2007 2005001919501 Order Denying Respondent's Motion to Compel Production of Exculpatory and Other Material Documents

Related Documents

Disciplinary Order
July 13, 2007 E102004083702 Hearing Panel Decision in Department of Enforcement v. John Christopher Correro

Related Documents

Disciplinary Decision
July 12, 2007 E9A2004048801 Hearing Panel Decision in Department of Enforcement v. Brian J. Kelly

Related Documents

Disciplinary Decision
July 10, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
July 02, 2007 2005000323905 Order Denying Respondent 1's Motion for a More Definite Statement Disciplinary Order
July 02, 2007 2005000960801 Hearing Panel Decision in Department of Enforcement v. Mangri Mohini Harlal Disciplinary Decision
June 28, 2007 E102003025201 Procedural Pre-Hearing Order

Related Documents

Disciplinary Order
June 27, 2007 E102003025201 Order Regarding Pre-Hearing Motions

Related Documents

Disciplinary Order
June 26, 2007 20050000720-02 Order Denying Respondent 2's Motion to Compel Production of Documents and Directing Respondent 2 to Supplement His Motion for a Rule 9252 Order Disciplinary Order
June 19, 2007 20050025930 Hearing Panel Decision in Department of Enforcement v. Carolyn S. Everhard Disciplinary Decision
June 13, 2007 20050000720-02 Order Prohibiting Use of Subpoenas Disciplinary Order
June 13, 2007 2006004494201 Order Quashing Post-Complaint Rule 8210 Request for Information Disciplinary Order
June 13, 2007 ARB070023 Order Deeming (1) Respondent's Defense Abandoned, (2) the Hearing Waived, and (3) the NASD Suspension Notice Final Disciplinary Order
June 12, 2007 2005000191701 Order Denying Respondent 3's Two Discovery Requests Disciplinary Order
June 11, 2007 E102003025201 Order Ruling on (1) Objections to Witnesses, (2) Motion to Substitute Exhibit, (3) Motions in Limine, and (4) Motions to Strike the Respondents' Affirmative Defenses

Related Documents

Disciplinary Order
June 11, 2007 CAF040079 Order Denying Respondent's Motion to Preclude Evidence and Requiring Enforcement to File a Declaration Disciplinary Order
May 25, 2007 2005000078501 Hearing Panel Decision in Department of Market Regulation v. Mark Allen Borsky Disciplinary Decision
May 24, 2007 C02040032 Dana N. Frankfort Disciplinary Decision
May 18, 2007 E8A2003091501 Hearing Panel Decision in Department of Enforcement v. Roy M. Strong

Related Documents

Disciplinary Decision
May 17, 2007 E102003025201 Order Denying Respondents' Request for Leave to Offer Expert Testimony

Related Documents

Disciplinary Order
May 11, 2007 CAF040079 Order Denying Respondent's Motion to Preclude Evidence and Requiring Enforcement to File a Declaration Disciplinary Order
May 11, 2007 2005001449202 Interim Scheduling and Case Management Order Disciplinary Order
May 11, 2007 C05020055 Michael F. Siegel Disciplinary Decision
May 07, 2007 C04050014 Dennis P. Cooper Disciplinary Decision