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 18, 2011 | 2007010580702 | Hearing Panel Decision in Department of Enforcement v. Respondent | Redacted Decision |
| November 08, 2011 | 2008014621701 | Extended Hearing Panel Decision in Department of Enforcement v. Thomas Weisel Partners, LLC and Stephen H. Brinck, Jr. | Disciplinary Decision |
| November 04, 2011 | SD-2017 | Piper Jaffray & Co. | Statutory Disqualification, Approvals |
| October 29, 2011 | 2010021627601 | Amended Hearing Panel Decision in Department of Enforcement v. Timothy L. Pittman | Disciplinary Decision |
| October 20, 2011 | 2005003610701 | William J. Murphy, Carl M. Birkelbach, and Birkelbach Investment Securities, Inc. | Disciplinary Decision |
| October 17, 2011 | 2009018068701 | Hearing Panel Decision in Department of Enforcement v. Harry W. Hunt | Disciplinary Decision |
| October 13, 2011 | 2007010398802 | Hearing Panel Decision in Department of Enforcement v. Alexander H. McKinnis | Disciplinary Decision |
| October 11, 2011 | 2007011915401 | Hearing Panel Decision in Department of Enforcement v. Respondent | Redacted Decision |
| October 04, 2011 | 2007009981201 | Robert D. Tucker | Disciplinary Decision |
| October 04, 2011 | 2007008935010 | Hearing Panel Decision in Department of Enforcement v. David Trende | Disciplinary Decision |
| October 03, 2011 | 2006005977901 | Kale E. Evans | Disciplinary Decision |
| October 03, 2011 | 20090195518 | Hearing Panel Decision in Department of Enforcement v. Darrell Eugene Fox | Disciplinary Decision |
| September 22, 2011 | 20090192254 | Memorandum Opinion and Order Denying Respondent’s Motion to Set Aside Default Decision | Disciplinary Order |
| September 19, 2011 | 2009019637001 | Hearing Panel Decision Granting Enforcement's Motion for Summary Disposition in Department of Enforcement v. Thomas Thanh Doan | Disciplinary Decision |
| September 15, 2011 | 2010023719601 | Hearing Panel Decision in Department of Enforcement v. Chad A. McCartney | Disciplinary Decision |
| September 07, 2011 | 2009017798201 | Order Denying Respondent’s Motion for Stay of Hearing | Disciplinary Order |
| September 01, 2011 | 20070072538-03 | Amended Extended Hearing Panel Decision in Department of Enforcement v. Max International Broker-Dealer, Corp. | Disciplinary Decision |
| August 05, 2011 | 20070094468 | Dirk Allen Taylor | Disciplinary Decision |
| July 28, 2011 | 2005000324301 | Jerry William Burch | Disciplinary Decision |
| July 28, 2011 | 2008012925001 | Order Regarding Pending Motions and Pre-Hearing Issues | Disciplinary Order |
| July 21, 2011 | 200801201960 | Rebecca Amy Reichman | Disciplinary Decision |
| June 24, 2011 | 2008011725901 | Hearing Panel Decision in Department of Enforcement v. Carlos Francisco Otalvaro | Disciplinary Decision |
| June 13, 2011 | 2008011701203 | Hearing Panel Decision in Department of Enforcement v. Daniel James Gallagher and Vision Securities Inc. | Disciplinary Decision |
| June 09, 2011 | 2008015270701 | Hearing Panel Decision in Department of Enforcement v. Respondent | Redacted Decision |
| June 08, 2011 | 2007010398802 | Order on Enforcement’s Objections to Respondent’s Proposed Exhibit List and Motion In Limine in Part | Disciplinary Order |