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.
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|
|April 25, 2011||2007008239001||; CALLED FOR REVIEW: Hearing Panel Decision in Department of Enforcement v. ACAP Financial, Inc. and Gary Hume||Disciplinary Decision|
|April 25, 2011||2009017775601||Hearing Panel Decision in Department of Enforcement v. Meyers Associates, LP||Disciplinary Decision|
|April 18, 2011||EQS100001||Department of Member Regulation v. Intermountain Financial Services, Inc.||Expedited Decision, Rule 9550 Expedited Decisions|
|April 15, 2011||20100226181||NAC Redacted Membership Decision 20100226181||Membership Decision|
|March 30, 2011||2008011719501||Hearing Panel Decision in Department of Enforcement v. Tina Newman||Disciplinary Decision|
|March 28, 2011||2006004666601||Hearing Panel Decision in Department of Enforcement v. Ryan J. Kirkpatrick||Disciplinary Decision|
|March 25, 2011||FPI100022||Hearning Panel Decision in Department of Enforcement v. Kent Sweat and Intermountain Financial Services, Inc.||Expedited Decision, Rule 9550 Expedited Decisions|
|March 24, 2011||2009017798201||Order Denying Respondent’s Motion for Leave to Offer Expert Testimony||Disciplinary Order|
|March 18, 2011||2007011413501||Order Denying the Respondents’ Motion to Compel Production of Documents; for Production of a List of Withheld Documents; and to Extend Deadlines and Hearing Dates||Disciplinary Order|
|March 08, 2011||2009016551301||Hearing Panel Decision in Department of Enforcement v. Freddy A. Medina||Disciplinary Decision|
|March 03, 2011||2005000075703||Midas Securities, LLC, World Trade Financial Corporation, Jason Troy Adams, Frank Edward Brickell, Jay S. Lee, and Rodney Preston Michel||Disciplinary Decision|
|March 03, 2011||2008012169101||Hearing Panel Decision in Department of Enforcement v. AIS Financial, Inc.||Disciplinary Decision|
|February 24, 2011||20070094345,20070111775||John E. Mullins and Kathleen M. Mullins||Disciplinary Decision|
|February 08, 2011||2006007105101||Order Denying Respondent’s Motion for Summary Disposition||Disciplinary Order|
|January 28, 2011||2008014621701||Order Granting Enforcement’s Motion to Permit Certain Witnesses to Have Counsel Present||Disciplinary Order|
|January 26, 2011||2006004122402||Extended Hearing Panel Decision in Department of Enforcement v. Hedge Fund Capital Partners LLC and Howard G. Jahre||Disciplinary Decision|
|January 19, 2011||2008011684001||Extended Hearing Panel Decision in Department of Enforcement v. Respondent||Redacted Decision|
|January 07, 2011||2007009082902||Richard A. Neaton||Disciplinary Decision|
|January 07, 2011||20080121376||Hearing Panel Decision in Department of Market Regulation v. Gregory Richard Imbruce||Disciplinary Decision|
|January 04, 2011||20060052598-01||; CALLED FOR REVIEW: Amended Hearing Panel Decision in Department of Enforcement v. John Joseph Plunkett||Disciplinary Decision|
|January 01, 2011||SD11006||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|January 01, 2011||SD11001||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Denials|
|January 01, 2011||SD11002||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|January 01, 2011||SD11007||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Approvals|
|January 01, 2011||SD11003||In the Matter of the Association of X||Redacted Decision, Statutory Disqualification, Denials|