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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
October 17, 2011 2009018068701 Hearing Panel Decision in Department of Enforcement v. Harry W. Hunt

Related Documents

Disciplinary Decision
October 13, 2011 2007010398802 Hearing Panel Decision in Department of Enforcement v. Alexander H. McKinnis Disciplinary Decision
October 11, 2011 2007011915401 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
October 04, 2011 2007009981201 Robert D. Tucker Disciplinary Decision
October 04, 2011 2007008935010 Hearing Panel Decision in Department of Enforcement v. David Trende Disciplinary Decision
October 03, 2011 2006005977901 Kale E. Evans Disciplinary Decision
October 03, 2011 20090195518 Hearing Panel Decision in Department of Enforcement v. Darrell Eugene Fox Disciplinary Decision
September 22, 2011 20090192254 Memorandum Opinion and Order Denying Respondent’s Motion to Set Aside Default Decision Disciplinary Order
September 19, 2011 2009019637001 Hearing Panel Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Thomas Thanh Doan Disciplinary Decision
September 15, 2011 2010023719601 Hearing Panel Decision in Department of Enforcement v. Chad A. McCartney

Related Documents

Disciplinary Decision
September 07, 2011 2009017798201 Order Denying Respondent’s Motion for Stay of Hearing Disciplinary Order
September 01, 2011 20070072538-03 Amended Extended Hearing Panel Decision in Department of Enforcement v. Max International Broker-Dealer, Corp. Disciplinary Decision
August 05, 2011 20070094468 Dirk Allen Taylor Disciplinary Decision
July 28, 2011 2005000324301 Jerry William Burch Disciplinary Decision
July 28, 2011 2008012925001 Order Regarding Pending Motions and Pre-Hearing Issues

Related Documents

Disciplinary Order
July 21, 2011 200801201960 Rebecca Amy Reichman Disciplinary Decision
June 24, 2011 2008011725901 Hearing Panel Decision in Department of Enforcement v. Carlos Francisco Otalvaro Disciplinary Decision
June 13, 2011 2008011701203 Hearing Panel Decision in Department of Enforcement v. Daniel James Gallagher and Vision Securities Inc.

Related Documents

Disciplinary Decision
June 09, 2011 2008015270701 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
June 08, 2011 2007010398802 Order on Enforcement’s Objections to Respondent’s Proposed Exhibit List and Motion In Limine in Part Disciplinary Order
June 01, 2011 2010021196801 Order Regarding Respondent’s Motion to Stay Disciplinary Order
May 18, 2011 2007010580702 Order Granting Enforcement’s Motion Concerning the Testimony of MO, MB, and JF, and Denying the Respondent’s Motion to Exclude Their Testimony

Related Documents

Disciplinary Order
May 16, 2011 2007011413501 Order Denying Respondents’ Motion to Exclude Certain Portions of the Expert Report of HGF and to Preclude His Expert Testimony on the Issue of Suitability

Related Documents

Disciplinary Order
May 13, 2011 2007011937001 Howard Braff Disciplinary Decision
May 06, 2011 2005003437102 Michael Lee Bullock Disciplinary Decision