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 |
|---|---|---|---|
| January 01, 2004 | SD04001 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Denials |
| January 01, 2004 | SD04012 | In the Matter of the Continued Association of X | Redacted Decision, Statutory Disqualification, Denials |
| December 30, 2003 | C3A030017 | Hearing Panel Decision in Department of Enforcement v. Fox & Company Investments, Inc. and James W. Moldermaker | Disciplinary Decision |
| December 30, 2003 | C01020023 | Hearing Panel Decision in Department of Enforcement v. Day International Securities, Douglas Conant Day, and Ronald Winston Wood | Disciplinary Decision |
| December 29, 2003 | C8B030012 | Hearing Panel Decision in Department of Enforcement v. Mark F. Mizenko | Disciplinary Decision |
| December 22, 2003 | 03-03 | Hearing Panel Decision as to Respondent | Redacted Decision |
| December 15, 2003 | C3A010045 | Investment Management Corp. and Kevin D. Kunz | Disciplinary Decision |
| December 15, 2003 | C8A020014 | Brad A. Roethlisberger | Disciplinary Decision |
| December 15, 2003 | C01020027 | Hearing Panel Decision in Department of Enforcement v. Aurangzeb Rashid Pirzada | Disciplinary Decision |
| December 10, 2003 | C3A030001 | Hearing Panel Decision in Department of Enforcement v. Berry-Shino Securities, Inc. and R. Matthew Shino | Disciplinary Decision |
| December 05, 2003 | C3A020013 | Joseph J. Vastano, Jr. | Disciplinary Decision |
| December 04, 2003 | C02030026 | Hearing Panel Decision in Department of Enforcement v. David T. Kaagan | Disciplinary Decision |
| December 03, 2003 | C01010009 | Chris Dinh Hartley | Disciplinary Decision |
| December 03, 2003 | CMS030006 | Hearing Panel Decision in Department of Enforcement v. Castle Securities Corp. | Disciplinary Decision |
| November 24, 2003 | C01020024 | Hearing Panel Decision in Department of Enforcement v. Douglas Conant Day | Disciplinary Decision |
| November 19, 2003 | CAF020007 | Hearing Panel Decision in Department of Enforcement v. D.L. Cromwell Investments, Inc., David Davidson, Lloyd Beirne, and Eric Thomes | Disciplinary Decision |
| November 14, 2003 | C02030015 | Hearing Panel Decision in Department of Enforcement v. Louis S. Gray | Disciplinary Decision |
| November 13, 2003 | CAF000013 | Frank J. Skelly, III and Craig H. Gross | Disciplinary Decision |
| November 10, 2003 | C3A020039 | Hearing Panel Decision in Department of Enforcement v. Salvatore Clark | Disciplinary Decision |
| November 07, 2003 | C10020090 | Hearing Panel Decision in Department of Enforcement v. Joseph Abbondante | Disciplinary Decision |
| November 04, 2003 | CAF030008 | Order Granting Respondent's Motion to Quash Rule 8210 Request | Disciplinary Order |
| October 29, 2003 | CAF030008 | Order Regarding the Department's Motions in Limine | Disciplinary Order |
| October 26, 2003 | CAF030011 | Order Granting in Part Respondent 1 and Respondent 2's Motion for Production of Documents Under Rule 9251(a)(3) | Disciplinary Order |
| October 15, 2003 | C01020022 | Order Granting the Parties' Motions for Leave to Introduce Expert Testimony | Disciplinary Order |
| October 15, 2003 | CAF030008 | Order Denying Respondent's Motion to Compel Production of Information Regarding Withheld Documents | Disciplinary Order |