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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 or Market Regulation 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
October 16, 2009 2006005977901 Hearing Panel Decision in Department of Enforcement v. Kale E. Evans

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Disciplinary Decision
October 15, 2009 2007008358101 Hearing Panel Decision in Department of Enforcement v. Vincent P. McCrudden

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Disciplinary Decision
October 14, 2009 2007009461301 Order Denying Respondent's Motion to Compel Production of Witness Statements Disciplinary Order
October 12, 2009 2009017496501 Hearing Panel Decision in Department of Enforcement v. Christopher J. Perrott Disciplinary Decision
October 06, 2009 2006006705601 John M. Saad Disciplinary Decision
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 Disciplinary 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

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Disciplinary Decision
June 05, 2009 2007009082902 Hearing Panel Decision in Department of Enforcement v. Richard A. Neaton

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Disciplinary Decision