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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 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
August 31, 2005 CMS020247 Terrance Yoshikawa Disciplinary Decision
August 30, 2005 CMS040094 Hearing Panel Decision in Department of Enforcement vs. Florida Discount Securities, Inc. Disciplinary Decision
August 19, 2005 CMS040165 Order on Remand From the National Adjudicatory Council Granting Complinant's Motion to Disqualify Counsel for Respondents 1 and 2

Related Documents

Disciplinary Order
August 10, 2005 ARB050014 Hearing Panel Decision in Department of Enforcement vs. Respondent Expedited Decision, Rule 9550 Expedited Decisions
August 08, 2005 C02050006 Hearing Panel Decision in Department of Enforcement vs. Malvinder Sonny Matharu

Related Documents

Disciplinary Decision
August 05, 2005 C3A040023 Hearing Panel Decision in Department of Enforcement vs. John M. Meyers, Brian C. Klein & Israel E. Lozada

Related Documents

Disciplinary Decision
August 05, 2005 C3A040045 Order Denying Respondent's Motion for Summary Disposition on the Issue of Restitution Disciplinary Order
August 04, 2005 C9B040098 Order Denying Motion to Disqualify Hearing Officer

Related Documents

Disciplinary Order
August 02, 2005 ARB050016 In the Matter of Department of Enforcement, Complainant vs. Respondent Expedited Decision, Rule 9550 Expedited Decisions
July 29, 2005 C8A030071 Hearing Panel Decision in Department of Enforcement vs. Northwestern Mutual Investment Services, LLC, Diane B. Horn & Respondent 3 Disciplinary Decision
July 18, 2005 C3A040030 Hearing Panel Decision in Department of Enforcement vs. Michael Fantetti Disciplinary Decision
July 08, 2005 C8A040079 Hearing Panel Decision in Department of Enforcement vs. Gregory R. Masceri

Related Documents

Disciplinary Decision
July 07, 2005 C07040086 Hearing Panel Decision in Department of Enforcement vs. Brad D. Wilson Disciplinary Decision
June 30, 2005 C05050015 Order Denying Motions to Quash

Related Documents

Disciplinary Order
June 23, 2005 C3A040045 Order Denying Respondent's Motion to Compel and Motion Pursuant to Rule 9252 Disciplinary Order
June 17, 2005 CMS040165 In the Matter of Department of Market Regulation, Complainant, vs.[Respondent Firm], et al. Attorney Disqualification Ruling
June 15, 2005 C3A040030 Order Denying Respondent's Motion to Re-Open Hearing and Denying Complainant's Motion to Strike Respondent's Testimony Disciplinary Order
June 14, 2005 CAF040058 Order Prohibiting Use of Subpoenas

Related Documents

Disciplinary Order
June 14, 2005 CAF010011 J. Alexander Sec., Inc., Richard Newberg, James Alexander Disciplinary Decision
June 10, 2005 C9B050020 Order Conditionally Denying Motion for More Definite Statement Disciplinary Order
June 09, 2005 CMS030181 In the Matter of Department of Market Regulation, Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
June 08, 2005 C8A040082 Hearing Panel Decision in Department of Enforcement vs. Samuel J. Trigillo Disciplinary Decision
June 07, 2005 C05050015 Order Denying Respondent 1's Motion for More Definite Statement

Related Documents

Disciplinary Order
June 07, 2005 C05050015 Order Granting Respondent 2's Motion for More Definite Statement

Related Documents

Disciplinary Order
June 03, 2005 C9B040093 Hearing Panel Decision in Department of Enforcement vs. Joel E. Moskowitz Disciplinary Decision