Adjudications & Decisions
When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement 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.
View All Adjudications & Decisions
| Date of Decision | Proceeding No. | Title | Type |
|---|---|---|---|
| October 14, 1998 | CMS920005 | John Roger Faherty & Nianne A. Norris | Disciplinary Decision |
| October 13, 1998 | C8A960052 | In the Matter of District Business Conduct Committee For District No. 8, Complainant, vs. Respondent 1 and Respondent 2 | Disciplinary Decision, Redacted Decision |
| October 07, 1998 | C06980001 | Order and Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Blake Vincent High | Disciplinary Decision |
| October 02, 1998 | CAF980022 | Order Denying in Part and Granting in Part Enforcement's Motion to Strike Affirmative Defenses and Denying Motion to Dismiss | Disciplinary Order |
| October 02, 1998 | CAF970011 | Order Denying Motions for Interlocutory Appeal and to Reconsider Denial of Motion to Stay the Proceeding | Disciplinary Order |
| September 18, 1998 | C05960074 | In the Matter of District Business Conduct Committee For District No. 5 Complainant, vs. Respondent | Disciplinary Decision, Redacted Decision |
| September 16, 1998 | C9A970045 | Order Denying Motion for Entry of Default Decision | Disciplinary Order |
| September 14, 1998 | C07960096 | Hunter International Securities, Inc., & Louis N. Nizza, Jr. | Disciplinary Decision |
| September 11, 1998 | C10970029 | John M. Columbia | Disciplinary Decision |
| August 26, 1998 | CMS970026 | Hearing Panel Decision in Department of Enforcement v. Olde Discount Corporation and Todd Thomas Wodek | Disciplinary Decision |
| August 25, 1998 | C07960069 | Steven A. Kirschbaum | Disciplinary Decision |
| August 21, 1998 | CO5970035 | Hearing Panel Decision | Redacted Decision |
| August 17, 1998 | C07970022 | Allen R. Prewitt | Disciplinary Decision |
| August 12, 1998 | CAF980014 | Order Denying Motion to Disqualify as Premature | Disciplinary Order |
| August 04, 1998 | CAF970011 | Order Granting in Part and Denying in Part Complainant's Motion in Limine | Disciplinary Order |
| July 29, 1998 | C10960162 | Douglas John Mangan | Disciplinary Decision |
| July 28, 1998 | C02970027 | Nancy H. Martin | Disciplinary Decision |
| July 24, 1998 | C07970045 | Ted D. Wells | Disciplinary Decision |
| July 22, 1998 | C8B960042 | In the Matter of District Business Conduct Committee For District No. 8, Complainant, vs. Respondent 1 | Disciplinary Decision, Redacted Decision |
| July 22, 1998 | C8B960042 | John A. Chepak | Disciplinary Decision |
| July 20, 1998 | C10970141 | Order Regarding Pre-Hearing Conference | Disciplinary Order |
| July 13, 1998 | CMS920091 | Michael J. Markowski & Joseph F. Riccio | Disciplinary Decision |
| July 09, 1998 | C01970012 | Monterey Bay Securities, Inc., & Kenneth Mark Doolittle | Disciplinary Decision |
| July 09, 1998 | C01970012 | In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent Firm 1 and Respondent 2 | Disciplinary Decision, Redacted Decision |
| July 08, 1998 | C10970007 | Lawrence P. Bruno, Jr. | Disciplinary Decision |