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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
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
January 01, 2011 SD11008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2011 SD11005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2011 SD11006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2011 SD11001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
December 28, 2010 2006007544401 M. Paul De Vietien Disciplinary Decision
December 22, 2010 2006005318801 Kent M. Houston Disciplinary Decision
December 17, 2010 2007009848801 Dante J. DiFrancesco Disciplinary Decision
December 08, 2010 2007007151101 Hearing Decision in Department of Enforcement v. Merrimac Corporate Securities, Inc.

Related Documents

Disciplinary Decision
December 06, 2010 20050007427 Respondent Firm and Respondent 2 Disciplinary Order
November 30, 2010 20090196759 NAC Redacted Membership Decision 20090196759 Membership Decision
November 03, 2010 2008016036901 Hearing Panel Decision in Department of Enforcement v. Thomas J. Charles, Jr. Disciplinary Decision
October 28, 2010 2006006259501 Hearing Panel Decision in Department of Enforcement v. Respondent Redacted Decision