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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
March 13, 2013 2011026874301 Memorandum Order Directing Respondent to Comply with Rule 8210 Request for Information Regarding Respondent’s Reliance on Counsel Defense Disciplinary Order
March 12, 2013 2011025674101 Hearing Panel Decision in Department of Enforcement v. Shlomi S. Eplboim

Related Documents

Disciplinary Decision
March 04, 2013 2008013864401 Amended Hearing Panel Decision in Department of Enforcement v. Michael Jennings, Brian Mulvey and Respondent 3 Disciplinary Decision
February 26, 2013 2010024320101 Hearing Panel Decision in Department of Enforcement v. Timothy M. Wheeler Disciplinary Decision
February 26, 2013 2007010158001 CapWest Securities, Inc.: Appealed Disciplinary Decision
February 22, 2013 2006005318801 Kent M. Houston Disciplinary Decision
February 21, 2013 2011029760201 Hearing Panel Decision Granting in Part and Denying in Part the Parties’ Cross-Motions for Summary Disposition in Departement of Enforcement v. Charles Schwab & Company, Inc.

Related Documents

Disciplinary Decision
February 19, 2013 2011029152401 Hearing Panel Decision in Department of Enforcement v. William B. Smith Disciplinary Decision
February 15, 2013 2007010580702 Dennis Thomas Palmeri, Jr. Disciplinary Decision
February 15, 2013 2008014621701 Thomas Weisel Partners, LLC and Stephen H. Brinck, Jr. Disciplinary Decision
February 04, 2013 2009017439601 Timothy Joseph Golonka Disciplinary Decision
January 25, 2013 2009017798902 Extended Hearing Panel Decision in Depatment of Enforcement v. Respondent 1 and Respondent 2 Redacted Decision
January 18, 2013 2010023044101 Hearing Panel Decision in Department of Enforcement v. Jeffrey S. Geraci Disciplinary Decision
January 11, 2013 2009016764901 Hearing Panel Decision in Department of Enforcement v. Robert Durant Tucker

Related Documents

Disciplinary Decision
January 04, 2013 2010023349601 Hearing Panel Decision in Department of Enforcement v. Denise M. Olson

Related Documents

Disciplinary Decision
January 04, 2013 FPI120005 Hearing Panel Decision in Department of Enforcement v. Gregory E. Goldstein Expedited Decision, Rule 9550 Expedited Decisions
January 02, 2013 2009019108901 Order Denying Motion by Respondent 1 for an Extension of Time – Hearing

Related Documents

Disciplinary Order
January 01, 2013 SD13001 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
January 01, 2013 SD13004 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
January 01, 2013 SD13002 In the Matter of the Association of X as a General Securities Representative with The Sponsoring Firm Statutory Disqualification, Denials
January 01, 2013 SD13005 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
January 01, 2013 SD13003 In the Matter of the Association of X as a Corporate Securities Limited Representative with The Sponsoring Firm Statutory Disqualification, Approvals
December 18, 2012 2009018068701 Harry W. Hunt Disciplinary Decision
December 17, 2012 2009020081301 Amended Hearing Panel Decision in Department of Enforcement v. William M. Somerindyke, Jr. and Respondent 2 Disciplinary Decision
December 12, 2012 2008011701203 Daniel James Gallagher Disciplinary Decision