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 |
|---|---|---|---|
| August 02, 2004 | CAF040056 | Order Granting in Part, and Denying in Part, Enforcement's Motion for Leave to Offer Telephone Testimony | Disciplinary Order |
| July 30, 2004 | C06020003 | Eric H. Dieffenbach and Michel A. Rooms | Disciplinary Decision |
| July 30, 2004 | C9B040013 | Order Granting Respondents' Motion to Introduce Expert Testimony | Disciplinary Order |
| July 16, 2004 | C01020022 | Hearing Panel Decision as to Respondent | Redacted Decision |
| July 13, 2004 | C3A030015 | Hearing Panel Decision in Department of Enforcement v. Herbert I. Kay | Disciplinary Decision |
| July 07, 2004 | C8A030100 | Order Granting in Part and Deferring in Part Complainant's Motion for Summary Disposition, and Denying Respondents' Motion for Summary Disposition | Disciplinary Order |
| July 06, 2004 | CAF030013 | Hearing Panel Decision in Department of Enforcement v. Richard L. Newburg | Disciplinary Decision |
| July 01, 2004 | C9B030076 | Order Correcting Order Dismissing Affirmative Defense and Denying Respondent's Motion to Reconsider | Disciplinary Order |
| June 30, 2004 | C10030082 | Hearing Panel Decision in Department of Enforcement v. Stephen Nicholas Thomas | Disciplinary Decision |
| June 29, 2004 | C8A020088 | Hearing Panel Decision in Department of Enforcement v. Daniel Eric Kelsey | Disciplinary Decision |
| June 29, 2004 | C10030088 | Hearing Panel Decision in Department of Enforcement v. Andrew P. Schneider | Disciplinary Decision |
| June 26, 2004 | ARB040033 | Order Denying Respondent's Motion To Dismiss | Disciplinary Decision |
| June 24, 2004 | CAF030055 | Order Denying Enforcement's Motion for Summary Disposition | Disciplinary Order |
| June 22, 2004 | C9B030076 | Order Dismissing Affirmative Defense | Disciplinary Order |
| June 18, 2004 | C3A040006 | Order Denying Motion to Compel Testimony | Disciplinary Order |
| June 15, 2004 | CAF030058 | Order Granting Respondent's Motion for in Camera Inspection of Documents | Disciplinary Order |
| June 14, 2004 | C11040006 | Hearing Panel Decision in Department of Enforcement v. Justin F. Ficken | Disciplinary Decision |
| June 10, 2004 | C9B040020 | Order Denying Respondents' Motion to Compel Discovery | Disciplinary Order |
| June 07, 2004 | CAF020048 | Hearing Panel Decision in Department of Enforcement v. Donner Corporation International (N.K.A. National Capital Securities, Inc.), Jeffrey L. Baclet, Vincent M. Uberti, and Paul A. Runyon | Disciplinary Decision |
| June 07, 2004 | CLI030011 | Hearing Panel Decision in Department of Enforcement v. Demetrios Zouloufis | Disciplinary Decision |
| June 04, 2004 | CMS020247 | Hearing Panel Decision in Department of Market Regulation v. Terrance Yoshikawa | Disciplinary Decision |
| June 01, 2004 | C8A030100 | Order Denying Motion for Leave to File Amended Answer | Disciplinary Order |
| May 27, 2004 | C8A030068 | Hearing Panel Decision in Department of Enforcement v. Todd Grafenauer | Disciplinary Decision |
| May 25, 2004 | C8A030078 | Hearing Panel Decision in Department of Enforcement v. Scott Wiard and James Reisinger | Disciplinary Decision |
| May 19, 2004 | C10030076 | Hearing Panel Decision in Department of Enforcement v. Daewoo Securities (America) Inc, and Hong Gon Kim | Disciplinary Decision |