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 |
|---|---|---|---|
| October 16, 2007 | 2005001919501 | Order Granting in Part and Denying in Part Complainant's Motion for Summary Disposition and Denying Respondent's Motion for Summary Disposition | Disciplinary Order |
| October 15, 2007 | C11040006 | Hearing Panel Decision in Department of Enforcement v. Justin F. Ficken | Disciplinary Decision |
| October 11, 2007 | E0220030425-01 | Geoffrey Ortiz | Disciplinary Decision |
| September 28, 2007 | 200500631501 | Bryan L. Claggett | Disciplinary Decision |
| September 27, 2007 | 2005001305701 | Hearing Panel Decision in Department of Enforcement v. Harvest Capital Investments, LLC and Dennis Cotto | Disciplinary Decision |
| September 14, 2007 | C07050042 | Wanda P. Sears | Disciplinary Decision |
| September 07, 2007 | 2006004240301 | Hearing Panel Decision in Department of Enforcement v. Trent A. Johnson | Disciplinary Decision |
| August 16, 2007 | E112005002003 | Order Denying Respondents' Motion to Compel Identification and Production of Withheld Documents | Disciplinary Order |
| August 14, 2007 | 2005001819101 | Hearing Panel Decision in Department of Enforcement v. Domestic Securities, Inc. | Disciplinary Decision |
| August 12, 2007 | CAF030014 | In the Matter of Department of Enforcement, Complainant vs. Respondent | Disciplinary Decision, Redacted Decision |
| August 09, 2007 | 2005000323905 | Order Regarding Respondent 2's Motions for Official Notice | Disciplinary Order |
| August 07, 2007 | 20060042305-01 | Scheduling Order | Disciplinary Order |
| August 07, 2007 | CAF040079 | Order Regarding Post-Hearing Briefs | Disciplinary Order |
| July 31, 2007 | E8A20041203102 | Hearing Panel Decision in Department of Enforcement v. Michelle M. Mayo | Disciplinary Decision |
| July 31, 2007 | 20060058633 | NAC Redacted Membership Decision 20060058633 | Membership Decision |
| July 30, 2007 | 20050000720-02 | Order Overruling the Parties' Objections to Exhibits and Witnesses | Disciplinary Order |
| July 27, 2007 | E9A2004001901 | Douglas J. Toth | Disciplinary Decision |
| July 27, 2007 | E072004072501 | Andrew J. Hardin | Disciplinary Decision |
| July 27, 2007 | E8A2002109804 | Hearing Panel Decision in Department of Enforcement v. Joseph A. Zaragoza | Disciplinary Decision |
| July 26, 2007 | C07050029 | Anthony Cipriano | Disciplinary Decision |
| July 25, 2007 | C8A050055 | Daniel W. Bukovcik | Disciplinary Decision |
| July 25, 2007 | C02040016 | Philippe N. Keyes | Disciplinary Decision |
| July 13, 2007 | 2005001919501 | Order Denying Respondent's Motion to Compel Production of Exculpatory and Other Material Documents | Disciplinary Order |
| July 13, 2007 | E102004083702 | Hearing Panel Decision in Department of Enforcement v. John Christopher Correro | Disciplinary Decision |
| July 12, 2007 | E9A2004048801 | Hearing Panel Decision in Department of Enforcement v. Brian J. Kelly | Disciplinary Decision |