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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

Choose Year
Date of Decision Proceeding No. Title Type
May 19, 2003 C3A010009 Mark H. Love Disciplinary Decision
May 14, 2003 C9B020060 Hearing Panel Decision in Department of Enforcement v. Mark Paul Adler Disciplinary Decision
May 13, 2003 C07010037 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
May 07, 2003 CAF010009 Dane S. Faber Disciplinary Decision
May 07, 2003 CMS000015 Amr "Tony" Elgindy and Key West Securities, Inc. Disciplinary Decision
May 06, 2003 C05010017 James S. Davenport Disciplinary Decision
April 30, 2003 CMS020143 Order Denying Complainant's Motion in Limine Disciplinary Order
April 30, 2003 CMS020143 Order Denying Complainant's Motion to Disqualify Counsel Disciplinary Order
April 30, 2003 C3B020015 Order Rejecting Contested Offer of Settlement Disciplinary Order
April 28, 2003 C9B020046 Hearing Panel Decision in Department of Enforcement v. Justin E. Apgar Disciplinary Decision
April 25, 2003 CAF010013 Timothy J. Ryan Disciplinary Decision
April 25, 2003 C06020003 Hearing Panel Decision in Department of Enforcement v. Patterson Travis, Inc., David T. Travis, Eric H. Dieffenbach, and Michel A. Rooms

Related Documents

Disciplinary Decision
April 17, 2003 C01020025 Order Denying Motion to Bifurcate Hearing Disciplinary Order
April 08, 2003 CAF020023 Order Granting Complainant's Motion in Limine Disciplinary Order
April 08, 2003 CAF020048 Pre-Hearing Order Directing ___________ to File a Power of Attorney

Related Documents

Disciplinary Order
April 03, 2003 C3B020015 Order Granting in Part and Denying in Part Complainant's Motion for Summary Disposition Disciplinary Order
March 30, 2003 C3B020015 Order Granting in Part and Denying in Part Respondents' Motion to Compel Discovery Disciplinary Order
March 27, 2003 C3A010036 Hearing Panel Decision in Department of Enforcement v. Castle Securities Corp., Michael Studer, and Respondent 3

Related Documents

Disciplinary Decision
March 19, 2003 C3A020039 Order Regarding Complainant's Motion for a Preclusion Order Disciplinary Order
March 16, 2003 C9A020017 Hearing Panel Decision in Department of Enforcement v. Emanuel L. Sarris Disciplinary Decision
March 04, 2003 C01020014 Hearing Panel Decision in Department of Enforcement v. Paul Joseph Benz

Related Documents

Disciplinary Decision
February 21, 2003 DFC020018 Hearing Panel Decision in NASD Treasurer v. Respondent Disciplinary Decision
February 13, 2003 C10010004 Hearing Panel Decision in Department of Enforcement v. Yakov (Jack) Koppel Disciplinary Decision
February 10, 2003 C8A010094 Hearing Panel Decision in Department of Enforcement v. Jonathan B. Day Disciplinary Decision
February 07, 2003 C07020067 Order Granting Motion in Limine Disciplinary Order