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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
May 05, 2011 2008014712201 Hearing Panel Decision in Department of Enforcement v. Kirk L. Gravelle Disciplinary Decision
April 25, 2011 2009017775601 Hearing Panel Decision in Department of Enforcement v. Meyers Associates, LP Disciplinary Decision
April 25, 2011 2007008239001 ; CALLED FOR REVIEW: Hearing Panel Decision in Department of Enforcement v. ACAP Financial, Inc. and Gary Hume

Related Documents

Disciplinary Decision
April 18, 2011 EQS100001 Department of Member Regulation v. Intermountain Financial Services, Inc. Expedited Decision, Rule 9550 Expedited Decisions
April 15, 2011 20100226181 NAC Redacted Membership Decision 20100226181 Membership Decision
March 30, 2011 2008011719501 Hearing Panel Decision in Department of Enforcement v. Tina Newman Disciplinary Decision
March 28, 2011 2006004666601 Hearing Panel Decision in Department of Enforcement v. Ryan J. Kirkpatrick Disciplinary Decision
March 25, 2011 FPI100022 Hearning Panel Decision in Department of Enforcement v. Kent Sweat and Intermountain Financial Services, Inc. Expedited Decision, Rule 9550 Expedited Decisions
March 24, 2011 2009017798201 Order Denying Respondent’s Motion for Leave to Offer Expert Testimony Disciplinary Order
March 18, 2011 2007011413501 Order Denying the Respondents’ Motion to Compel Production of Documents; for Production of a List of Withheld Documents; and to Extend Deadlines and Hearing Dates

Related Documents

Disciplinary Order
March 08, 2011 2009016551301 Hearing Panel Decision in Department of Enforcement v. Freddy A. Medina Disciplinary Decision
March 03, 2011 2008012169101 Hearing Panel Decision in Department of Enforcement v. AIS Financial, Inc. Disciplinary Decision
March 03, 2011 2005000075703 Midas Securities, LLC, World Trade Financial Corporation, Jason Troy Adams, Frank Edward Brickell, Jay S. Lee, and Rodney Preston Michel Disciplinary Decision
February 24, 2011 20070094345,20070111775 John E. Mullins and Kathleen M. Mullins Disciplinary Decision
February 08, 2011 2006007105101 Order Denying Respondent’s Motion for Summary Disposition Disciplinary Order
January 28, 2011 2008014621701 Order Granting Enforcement’s Motion to Permit Certain Witnesses to Have Counsel Present

Related Documents

Disciplinary Order
January 26, 2011 2006004122402 Extended Hearing Panel Decision in Department of Enforcement v. Hedge Fund Capital Partners LLC and Howard G. Jahre

Related Documents

Disciplinary Decision
January 19, 2011 2008011684001 Extended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
January 07, 2011 2007009082902 Richard A. Neaton Disciplinary Decision
January 07, 2011 20080121376 Hearing Panel Decision in Department of Market Regulation v. Gregory Richard Imbruce Disciplinary Decision
January 04, 2011 20060052598-01 ; CALLED FOR REVIEW: Amended Hearing Panel Decision in Department of Enforcement v. John Joseph Plunkett Disciplinary Decision
January 01, 2011 SD11002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2011 SD11007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2011 SD11003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2011 SD11004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals