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
| Date of Decision | Proceeding No. | Title | Type |
|---|---|---|---|
| November 19, 2013 | 2009017195204 | Hearing Panel Decision in Department of Enforcement v. Merrimac Corporate Securities, Inc. | Disciplinary Decision |
| November 08, 2013 | 20090207019-01 | Hearing Panel Decision in Department of Enforcement v. Respondent. | Redacted Decision |
| November 05, 2013 | 2009019108901 | Hearing Panel Decision in Department of Enforcement v. William Scholander and Talman Harris | Disciplinary Decision |
| October 15, 2013 | 2010024917601 | Hearing Panel Decision in Department of Enforcement v. Ronald Moschetta | Disciplinary Decision |
| October 07, 2013 | 20080150419 | Extended Hearing Panel Decision in Department of Market Regulation v. Respondent | Redacted Decision |
| October 02, 2013 | 2008011762801 | Mitchell H. Fillet | Disciplinary Decision |
| October 01, 2013 | 2007010902501 | Jeffrey B. Pierce | Disciplinary Decision |
| September 27, 2013 | 20120321124-01 | Hearing Panel Decision in Department of Enforcement v. Gregg Charles Lorenzo | Disciplinary Decision |
| September 27, 2013 | 2011025591601 | Hearing Panel Decision in Department of Enforcement v. Highland Financial, LTD. and Gordon D. Smith. | Disciplinary Decision |
| September 19, 2013 | 2011025957702 | Amended Hearing Panel Decision in Department of Enforcement v. Gary Mark Giblen | Disciplinary Decision |
| September 19, 2013 | 2009016317701 | Amended Hearing Panel Decision in Department of Enforcement v. The Dratel Group, Inc. and William M. Dratel | Disciplinary Decision |
| August 13, 2013 | 2009016159102 | Amended Hearing Panel Decision in Department of Enforcement v. Respondent | Redacted Decision |
| July 25, 2013 | 20060053785-02 | Robert N. Drake | Disciplinary Decision |
| July 18, 2013 | 2010024271001 | Hearing Panel Decision in Department of Enforcement v. Levinski Dealexis Barnes | Disciplinary Decision |
| June 28, 2013 | 2009018818101 | Hearing Panel Decision in Department of Enforcement v. Anthony G. Manaia | Disciplinary Decision |
| June 20, 2013 | 2009016034101 | Hearing Panel Decision in Department of Enforcement v. Anthony A. Grey. | Disciplinary Decision |
| June 18, 2013 | FPI130001 | Hearing Panel Decision in Department of Enforcement v. Gregg Charles Lorenzo | Expedited Decision, Rule 9550 Expedited Decisions |
| June 12, 2013 | 2011025780101 | Order Denying Respondent’s Motion to Compel the Department of Enforcement to Produce Withheld Documents | Disciplinary Order |
| June 11, 2013 | 2010024062601 | Hearing Panel Decision in Department of Enforcement v. Stephen Yarkpazuo Jensen | Disciplinary Decision |
| June 03, 2013 | 2009019042402 | Order Denying Respondent’s Motion to Disqualify Josefina Martinez and Motion to Compel Testimony and Production of Documents by Josefina Martinez | Disciplinary Order |
| May 30, 2013 | 2010024889501 | Extended Hearing Panel Decision in Department of Enforcement v. William B. Fretz, Jr., John P. Freeman, and The Keystone Equities Group, LP | Disciplinary Decision |
| May 02, 2013 | 2009017529101 | Order Denying Respondent’s Motion to Compel Production of Documents and a List of Withheld Documents. | Disciplinary Order |
| April 26, 2013 | 2008015934801 | Alan Jay Davidofsky | Disciplinary Decision |
| April 24, 2013 | 2009019369302 | Jeff Ng | Disciplinary Decision |
| April 15, 2013 | 2011030192201 | Hearing Panel Decision in Department of Enforcement v. Alfred P. Reeves III | Disciplinary Decision |