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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 18, 2010 2007007377801 Hearing Panel Decision in Department of Enforcement v. Noble B. Trenham Disciplinary Decision
March 16, 2010 2007011250901 Hearing Panel Decision in Department of Enforcement v. Angela Dionne Reed Disciplinary Decision
March 05, 2010 E052005007501 Hearing Panel Decision in Department of Enforcement v. Sterne, Agee & Leach, Inc. Disciplinary Decision
March 03, 2010 CLGO50021 John Patrick Leighton and Kenneth D. Pasternak Disciplinary Decision
February 26, 2010 2005001729501 Gerald J. Kesner Disciplinary Decision
February 25, 2010 2006003738501 Mission Securities Corporation and Craig M. Biddick Disciplinary Decision
February 25, 2010 20080121376 Order Denying Motion to Dismiss Disciplinary Order
January 22, 2010 2008013087201 Hearing Panel Decision in Department of Enforcement v. Bradford Orosey Disciplinary Decision
January 12, 2010 2008013391701 Hearing Panel Decision in Department of Enforcement v. Trent Tremayne Hughes Disciplinary Decision
January 01, 2010 SD10001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2010 SD10002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2010 SD10005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2010 SD10004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2010 SD10006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 2010 SD10003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
December 30, 2009 2007009472201 Hearing Panel Decision in Department of Enforcement v. Warren William Wall Disciplinary Decision
December 18, 2009 2006006046401 Hearing Panel Decision in Department of Enforcement v. James Richard Willard, III Disciplinary Decision
December 18, 2009 2006006192901 Denis William Kraemer, Jr. Disciplinary Decision
December 16, 2009 E072005017201 John B. Busacca, III Disciplinary Decision
December 16, 2009 2008012955301 Order Denying Motion for More Definite Statement Disciplinary Order
December 14, 2009 2006004377701 Paul Bryan Zenke Disciplinary Decision
December 03, 2009 2006007544401 Hearing Panel Decision in Department of Enforcement v. M. Paul De Vietien

Related Documents

Disciplinary Decision
December 01, 2009 2007009848801 Hearing Panel Decision in Department of Enforcement v. Dante J. DiFrancesco

Related Documents

Disciplinary Decision
November 24, 2009 2006006259501 Order Denying Respondent's Motion to Compel Production of List of Withheld Documents Disciplinary Order
November 11, 2009 2007007255603 Order Following Final Pre-Hearing Conference and Granting, in Part, Enforcement's Motion to Preclude Testimony and Exhibits Disciplinary Order