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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 08, 2010 2005000879302 Legacy Trading Co., LLC and Mark Alan Uselton Disciplinary Decision
October 08, 2010 2007009461301 Extended Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision
October 08, 2010 2008012026601 CMG Institutional Trading, LLC and Shawn D. Baldwin Disciplinary Decision
October 08, 2010 2008014621701 Order Denying Respondents' Motion to Compel Production of Documents and List of Withheld Documents

Related Documents

Disciplinary Order
October 06, 2010 FPI100008 Hearning Panel Decision in Department of Member Regulation v. Sharemaster Expedited Decision, Rule 9550 Expedited Decisions
September 28, 2010 20090182345 In the Matter of the New Membership Application of Firm A Membership Decision
September 20, 2010 2005000171202 Hearing Panel Decision in Department of Market Regulation v. Respondent Redacted Decision
September 17, 2010 FPI100016 Hearning Panel Decision in Department of Member Regulation v. Gremo Investments, Inc. Expedited Decision, Rule 9550 Expedited Decisions
August 19, 2010 2006003834901 Moustafa M. Zayed Disciplinary Decision
August 19, 2010 2008012531501 Hearing Panel Decision in Department of Enforcement v. Kevin Scott Pound Disciplinary Decision
August 18, 2010 20090173549 In the Matter of the Membership Continuance Application of Applicant Firm A Membership Decision
August 18, 2010 EAF0400630001 Kevin L. Cohen, Dennis S. Kaminski, and Gari C. Sanfilippo Disciplinary Decision
August 11, 2010 E9B2003033701 Hearing Panel Decision in Department of Enforcement v. Respondent

Related Documents

Redacted Decision
August 06, 2010 2005001988201 Amended Hearing Panel Decision in Department of Enforcement v. Mark B. Beloyan and Tradespot Markets, Inc.

Related Documents

Disciplinary Decision
July 30, 2010 2007010306901 FCS Securities and Dale Kleinser Disciplinary Decision
July 26, 2010 2005000835801 Harry Friedman Disciplinary Decision
July 12, 2010 2008014621701 Order Granting Respondent 2's Motion to File a Reply and Denying Respondent 2's Motion for More Definite Statement

Related Documents

Disciplinary Order
June 15, 2010 2008014873201 Hearing Panel Decision in Department of Enforcement v. Nicholas Michael Rubino Disciplinary Decision
June 11, 2010 2007007792902 Extended Hearing Panel Decision in Department of Enforcement v. Edward S. Brokaw

Related Documents

Disciplinary Decision
May 28, 2010 200011592201 Order Denying Respondents' Motion for Leave to Offer Expert Testimony Disciplinary Order
May 21, 2010 20070094468 Amended Hearing Panel Decision in Department of Enforcement v. Dirk Allen Taylor

Related Documents

Disciplinary Decision
May 21, 2010 2007011489301 Hearing Panel Decision in Department of Enforcement v. Ryan A. Leopold

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Disciplinary Decision
May 19, 2010 2007011937001 Hearing Panel Decision in Department of Enforcement v. Howard Braff

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Disciplinary Decision
May 10, 2010 2005003188901 Richard G. Cody Disciplinary Decision
May 10, 2010 2007009981201 Hearing Panel Decision in Department of Enforcement v. Robert D. Tucker

Related Documents

Disciplinary Decision