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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 14, 2001 C10000140 Hearing Panel Decision in Department of Enforcement v. Mario J. Coniglione Disciplinary Decision
May 14, 2001 C05000021 Hearing Panel Decision in Department of Enforcement v. Charles K. Waddell Disciplinary Decision
May 11, 2001 C05010012 Order Granting Respondent's Request for Production of Documents Pursuant to NASD Procedural Rule 9252

Related Documents

Disciplinary Order
May 10, 2001 C3A000056 Order Denying Motion to Dismiss Disciplinary Order
May 02, 2001 C10000116 Hearing Panel Decision in Department of Enforcement v. Vincent P. Coniglione Disciplinary Decision
May 01, 2001 C3A000056 Order Denying Motion for Reconsideration Disciplinary Order
April 30, 2001 C10000139 Hearing Panel Decision in Department of Enforcement v. Frank A. Persico Disciplinary Decision
April 26, 2001 ARB000026 Non-Summary Suspension Proceeding ARB000026 Expedited Decision, Non-Summary Proceeding
April 26, 2001 ARB000011 Non-Summary Suspension Consolidated Proceeding ARB000011 Expedited Decision, Non-Summary Proceeding
April 26, 2001 C9A990007 Daniel D. Manoff Disciplinary Decision
April 20, 2001 C10010004 Order Granting Complainant's Motion to Amend the Complaint; Denying Complainant's Motion for Leave to File a Reply to Respondent's Opposition to Motion to Amend; and Denying Respondent's Motion to Sever Disciplinary Order
April 20, 2001 C3A000056 Order Denying Motion to Dismiss, in Part, Deferring Decision on Motion, in Part, and Directing Enforcement to Supplement its Opposition Disciplinary Order
April 19, 2001 C8A990071 Respondent Firm 1, Respondent 2 & Respondent 3 Disciplinary Decision, Redacted Decision
April 18, 2001 CAF000015 Hearing Panel Decision in Department of Enforcement v. Josephthal & Co., Inc.

Related Documents

Disciplinary Decision
April 17, 2001 CAF000013 Order Denying Respondents' Motion for Summary Disposition and Motion to Dismiss the Fourth Cause of Action and Supplementing Order Granting Complainant's Motion for Summary Disposition on Cause Four of the Complaint Against Respondents Disciplinary Order
April 06, 2001 C07000084 Order Denying Respondent's Motion to Reconsider and to Set Aside Default Decision Disciplinary Order
April 03, 2001 C9A990029 Hearing Panel Decision in Department of Enforcement v. Shannon Johnson Disciplinary Decision
March 22, 2001 C07000058 Hearing Panel Decision in Department of Enforcement v. Russell Montgomery, Jr. Disciplinary Decision
March 20, 2001 C10000102 Hearing Panel Decision as to Respondent Redacted Decision
March 08, 2001 C9A000027 Hearing Panel Decision in Department of Enforcement v. Luther A. Hanson

Related Documents

Disciplinary Decision
March 06, 2001 C02000037 Hearing Panel Decision in Department of Enforcement v. Paul John Hoeper

Related Documents

Disciplinary Decision
March 06, 2001 C07000003 Hearing Panel Decision in Department of Enforcement v. Jack H. Stein

Related Documents

Disciplinary Decision
March 02, 2001 EQS000002 Hearing Panel Decision in Department of Enforcement v. A. G. Halvorson Securities Inc. Expedited Decision, Rule 9540 Suspension Decisions
March 02, 2001 C07000013 Hearing Panel Decision in Department of Enforcement v. John F. Brown Disciplinary Decision
February 27, 2001 C8B000001 Hearing Panel Decision in Department of Enforcement v. Michael E. Zulick Disciplinary Decision