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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
March 29, 2012 2010021303301 Hearing Panel Decision in Department of Enforcement v. North Woodward Financial Corp. and Douglas A. Troszak

Related Documents

Disciplinary Decision
March 22, 2012 2009017439601 Hearing Panel Decision in Department of Enforcement v. Timothy Joseph Golonka

Related Documents

Disciplinary Decision
March 14, 2012 2009018771602 Order Denying Respondent’s Motion to Present Expert Witness

Related Documents

Disciplinary Order
March 09, 2012 20080117243 Amended Hearing Panel Decision in Department of Enforcement v. Christopher Robert Ranni Disciplinary Decision
March 07, 2012 2008012137601 Gregory Richard Imbruce Disciplinary Decision
March 02, 2012 20060051788-01 Harrison A. Hatzis Disciplinary Decision
February 24, 2012 2007011489301 Ryan A. Leopold Disciplinary Decision
February 23, 2012 2009018944001 Hearing Panel Decision in Department of Enforcement v. Daniel Edward Becerril, II Disciplinary Decision
February 21, 2012 2006005259801 John Joseph Plunkett Disciplinary Decision
January 30, 2012 2007010902501 Hearing Panel Decision in Department of Enforcement v. Jeffrey B. Pierce

Related Documents

Disciplinary Decision
January 25, 2012 2008014285801 Hearing Panel Decision in Department of Enforcement v. Paul James Marshall Disciplinary Decision
January 02, 2012 SD12007 In the Matter of the Continued Membership of Firm X with FINRA Redacted Decision, Statutory Disqualification, Approvals
January 02, 2012 SD12001 In the Matter of the Continued Association of X as a General Securities Representative Redacted Decision, Statutory Disqualification, Denials
January 02, 2012 SD12008 In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
January 02, 2012 SD12003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 02, 2012 SD12009 In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Approvals
January 02, 2012 SD12002 In the Matter of the Association of X as an Associated Person with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
January 02, 2012 SD12006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 02, 2012 SD12004 In The Matter of the Association of X as an Investment Company and Variable Contracts Products Limited Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Approvals
January 02, 2012 SD12010 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 02, 2012 SD12005 In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
December 30, 2011 2010021916601 Hearing Panel Decision in Department of Enforcement v. Joseph S. Amundsen

Related Documents

Disciplinary Decision
December 30, 2011 2005002244102 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
December 28, 2011 2007009403801 Stephen W. Wilson Disciplinary Decision
December 20, 2011 2005001988201 Mark B. Beloyan and Tradespot Markets, Inc. Disciplinary Decision