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 05, 2009 | 20080120960 | Hearing Panel Decision in Department of Enforcement v. Rebecca A. Reichman | Disciplinary Decision |
| October 02, 2009 | 20060049953-01 | Joseph Ricupero | Disciplinary Decision |
| October 01, 2009 | 20070094253 | Hearing Panel Decision in Department of Enforcement v. Richard J. Iavecchia | Disciplinary Decision |
| September 22, 2009 | 2005001502703 | Hearing Panel Decision in Department of Enforcement v. Ronald E. Hardy, Jr. | Disciplinary Decision |
| September 22, 2009 | E3A20050037-02 | Hearing Panel Decision in Department of Enforcement v. R. Matthew Shino | Disciplinary Decision |
| September 14, 2009 | 2008013474501 | Hearing Panel Decision in Department of Enforcement v. Daphne Easley | Disciplinary Decision |
| August 31, 2009 | 2006003672401 | Hearing Panel Decision in Department of Enforcement v. Patrick F. Harte, Jr. | Disciplinary Decision |
| August 25, 2009 | 20070094345, 20070111775 | Hearing Panel Decision in Department of Enforcement v. John Edward Mullins and Kathleen Maria Mullins | Disciplinary Decision |
| August 25, 2009 | 2006005565401 | Michael L. Vines | Disciplinary Decision |
| August 21, 2009 | 2005001919501 | Jennifer Jordan | Disciplinary Decision |
| August 07, 2009 | E102004083705 | Lisa Ann Tomiko Nouchi | Disciplinary Decision |
| July 30, 2009 | E102004083704 | Marc Winters | Disciplinary Decision |
| July 30, 2009 | E9B2003033701 | Keith Howard Medeck | Disciplinary Decision |
| July 29, 2009 | ARB090054 | Order Dismissing Proceeding for Failure to State a Defense | Expedited Order |
| July 28, 2009 | 2005000127502 | Steven Richard Jaloza, Neal Anthony Impellizeri and Michael Raymond Gimeli | Disciplinary Decision |
| July 23, 2009 | C07050042 | Wanda P. Sears | Disciplinary Decision |
| July 14, 2009 | 2007010450601 | Amended Hearing Panel Decision in Department of Enforcement v. Dennis Brown | Disciplinary Decision |
| July 06, 2009 | E8A2004072203 | Hearing Panel Decision in Department of Enforcement v. Jonathan M. Skiba | Disciplinary Decision |
| June 09, 2009 | 2008012026601 | Hearing Panel Decision in Department of Enforcement v. CMG Institutional Trading, LLC and Shawn D. Baldwin | Disciplinary Decision |
| June 05, 2009 | 2007009082902 | Hearing Panel Decision in Department of Enforcement v. Richard A. Neaton | Disciplinary Decision |
| June 02, 2009 | 2005000324301 | Hearing Panel Decision in Department of Market Regulation v. Jerry William Burch | Disciplinary Decision |
| May 15, 2009 | 2007007682501 | Hearing Panel Decision in Department of Enforcement v. Jereis Khawaja | Disciplinary Decision |
| May 13, 2009 | 2007010306901 | Hearing Panel Decision in Department of Enforcement v. FCS Securities and Respondent 2 | Disciplinary Decision |
| May 12, 2009 | 2005000879302 | Amended Extended Hearing Panel Decision in Department of Enforcement v. Legacy Trading Co., LLC and Mark Uselton | Disciplinary Decision |
| May 12, 2009 | 2005000075703 | Amended Extended Hearing Panel Decision in Department of Enforcement v. Midas Securities LLC, World Trade Financial Corporation, Jason Troy Adams, Frank Edward Brickell, Jay S. Lee and Rodney Preston Michel | Disciplinary Decision |