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 14, 2003 | SD03005 | In the Matter of the Continued Association of X | Redacted Decision, Statutory Disqualification, Denials |
| October 14, 2003 | SD03002 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| October 14, 2003 | SD03007 | In the Matter of the Continued Association of X | Redacted Decision, Statutory Disqualification, Denials |
| October 14, 2003 | SD03004 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| October 14, 2003 | SD03008 | In the Matter of X as a Limited Representative – Corporate Securities Representative | Redacted Decision, Statutory Disqualification, Denials |
| October 14, 2003 | SD03001 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| October 14, 2003 | SD03006 | In the Matter of the Continued Membership of Sponsoring Firm 1 | Redacted Decision, Statutory Disqualification, Denials |
| October 02, 2003 | C10020075 | Hearing Panel Decision in Department of Enforcement v. Joseph Brian Shevlin, Jr. | Disciplinary Decision |
| October 01, 2003 | C9A030017 | Hearing Panel Decision in Department of Enforcement v. Eric J. Laucius | Disciplinary Decision |
| September 30, 2003 | FPI030003 | Hearing Panel Decision in Department of Enforcement v. Stanley M. Wise | Expedited Decision, Rule 9540 Suspension Decisions |
| September 26, 2003 | CLI030017 | Order Granting Part Respondents' Motion for More Definite Statement | Disciplinary Order |
| September 24, 2003 | C02020055 | Hearing Panel Decision in Department of Enforcement v. VMR Capital Markets US and Todd M. Ficeto | Disciplinary Decision |
| September 22, 2003 | CAF000016 | Hearing Panel Decision in Department of Enforcement v. Stephen Jay Drescher | Disciplinary Decision |
| September 18, 2003 | C3A030001 | Order Denying Motion for Issuance of 8210 Requests | Disciplinary Order |
| September 09, 2003 | C01000003 | U.S. Rica Financial, Inc. and Vinh Huu Nguyen | Disciplinary Decision |
| September 08, 2003 | 03-02 | Hearing Panel Decision as to Respondent | Redacted Decision |
| September 04, 2003 | C9A020018 | Hearing Panel Decision in Department of Enforcement v. John J. Katsock, Jr. | Disciplinary Decision |
| September 03, 2003 | CAF010011 | Hearing Panel Decision in Department of Enforcement v. J. Alexander Securities, Inc., Richard Newberg, and James Alexander | Disciplinary Decision |
| August 29, 2003 | C10020076 | Hearing Panel Decision in Department of Enforcement v. Jeffrey Mills | Disciplinary Decision |
| August 27, 2003 | C05020060 | Hearing Panel Decision in Department of Enforcement v. John R. Bingham | Disciplinary Decision |
| August 19, 2003 | 03-01 | Hearing Panel Decision as to Respondent | Redacted Decision |
| August 11, 2003 | C10000122 | Vincent J. Puma | Disciplinary Decision |
| August 11, 2003 | C3B020015 | Hearing Panel Decision in Department of Enforcement v. Davrey Financial Services, Inc., and Pravin R. Davrey | Disciplinary Decision |
| August 11, 2003 | FPI020002 | Bret Steinhart | Disciplinary Decision |
| August 08, 2003 | C02010041 | Anthony H. Barkate | Disciplinary Decision |