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 |
|---|---|---|---|
| March 07, 2012 | 2008012137601 | Gregory Richard Imbruce | Disciplinary Decision |
| March 02, 2012 | 20060051788-01 | Harrison A. Hatzis | Disciplinary Decision |
| February 24, 2012 | 2007011489301 | Ryan A. Leopold | Disciplinary Decision |
| February 23, 2012 | 2009018944001 | Hearing Panel Decision in Department of Enforcement v. Daniel Edward Becerril, II | Disciplinary Decision |
| February 21, 2012 | 2006005259801 | John Joseph Plunkett | Disciplinary Decision |
| January 30, 2012 | 2007010902501 | Hearing Panel Decision in Department of Enforcement v. Jeffrey B. Pierce | Disciplinary Decision |
| January 25, 2012 | 2008014285801 | Hearing Panel Decision in Department of Enforcement v. Paul James Marshall | Disciplinary Decision |
| January 02, 2012 | SD12007 | In the Matter of the Continued Membership of Firm X with FINRA | Redacted Decision, Statutory Disqualification, Approvals |
| January 02, 2012 | SD12001 | In the Matter of the Continued Association of X as a General Securities Representative | Redacted Decision, Statutory Disqualification, Denials |
| January 02, 2012 | SD12008 | In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm | Redacted Decision, Statutory Disqualification, Denials |
| January 02, 2012 | SD12003 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 02, 2012 | SD12009 | In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm | Redacted Decision, Statutory Disqualification, Approvals |
| January 02, 2012 | SD12002 | In the Matter of the Association of X as an Associated Person with The Sponsoring Firm | Redacted Decision, Statutory Disqualification, Denials |
| January 02, 2012 | SD12006 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 02, 2012 | SD12004 | In The Matter of the Association of X as an Investment Company and Variable Contracts Products Limited Representative with The Sponsoring Firm | Redacted Decision, Statutory Disqualification, Approvals |
| January 02, 2012 | SD12010 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 02, 2012 | SD12005 | In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm | Redacted Decision, Statutory Disqualification, Denials |
| December 30, 2011 | 2010021916601 | Hearing Panel Decision in Department of Enforcement v. Joseph S. Amundsen | Disciplinary Decision |
| December 30, 2011 | 2005002244102 | Hearing Panel Decision in Department of Enforcement v. Respondent | Redacted Decision |
| December 28, 2011 | 2007009403801 | Stephen W. Wilson | Disciplinary Decision |
| December 20, 2011 | 2005001988201 | Mark B. Beloyan and Tradespot Markets, Inc. | Disciplinary Decision |
| December 19, 2011 | 2007010158001 | Hearing Panel Decision in Department of Enforcement v. CapWest Securities Inc. | Disciplinary Decision |
| December 13, 2011 | 2008011762801 | Amended Hearing Panel Decision in Department of Enforcement v. Mitchell Fillet | Disciplinary Decision |
| December 06, 2011 | 2009018819001 | Extended Hearing Panel Decision in Department of Enforcement v. Nicholas D. Skaltsounis, Respondent 2, and John B. Guyette | Disciplinary Decision |
| November 22, 2011 | 20080138685 | Hearing Panel Decision in Department of Enforcement v. Ron William Howell | Disciplinary Decision |