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 |
|---|---|---|---|
| April 25, 2003 | C06020003 | Hearing Panel Decision in Department of Enforcement v. Patterson Travis, Inc., David T. Travis, Eric H. Dieffenbach, and Michel A. Rooms | Disciplinary Decision |
| April 17, 2003 | C01020025 | Order Denying Motion to Bifurcate Hearing | Disciplinary Order |
| April 08, 2003 | CAF020048 | Pre-Hearing Order Directing ___________ to File a Power of Attorney | Disciplinary Order |
| April 08, 2003 | CAF020023 | Order Granting Complainant's Motion in Limine | Disciplinary Order |
| April 03, 2003 | C3B020015 | Order Granting in Part and Denying in Part Complainant's Motion for Summary Disposition | Disciplinary Order |
| March 30, 2003 | C3B020015 | Order Granting in Part and Denying in Part Respondents' Motion to Compel Discovery | Disciplinary Order |
| March 27, 2003 | C3A010036 | Hearing Panel Decision in Department of Enforcement v. Castle Securities Corp., Michael Studer, and Respondent 3 | Disciplinary Decision |
| March 19, 2003 | C3A020039 | Order Regarding Complainant's Motion for a Preclusion Order | Disciplinary Order |
| March 16, 2003 | C9A020017 | Hearing Panel Decision in Department of Enforcement v. Emanuel L. Sarris | Disciplinary Decision |
| March 04, 2003 | C01020014 | Hearing Panel Decision in Department of Enforcement v. Paul Joseph Benz | Disciplinary Decision |
| February 21, 2003 | DFC020018 | Hearing Panel Decision in NASD Treasurer v. Respondent | Disciplinary Decision |
| February 13, 2003 | C10010004 | Hearing Panel Decision in Department of Enforcement v. Yakov (Jack) Koppel | Disciplinary Decision |
| February 10, 2003 | C8A010094 | Hearing Panel Decision in Department of Enforcement v. Jonathan B. Day | Disciplinary Decision |
| February 07, 2003 | C07020067 | Order Granting Motion in Limine | Disciplinary Order |
| February 07, 2003 | C9B020048 | Hearing Panel Decision in Department of Enforcement v. John Michael Brack | Disciplinary Decision |
| February 05, 2003 | C8A020032 | Hearing Panel Decision in Department of Enforcement v. Leroy Avery | Disciplinary Decision |
| January 30, 2003 | C8A020014 | Hearing Panel Decision in Department of Enforcement v. Brad A. Roethlisberger | Disciplinary Decision |
| January 17, 2003 | CAF020007 | Order Granting Motion for Reconsideration | Disciplinary Order |
| January 14, 2003 | C9A020018 | Order Denying Request for Postponement of Hearing | Disciplinary Order |
| January 08, 2003 | C9B020037 | Hearing Panel Decision in Department of Enforcement v. Kenneth J. Gilmore | Disciplinary Decision |
| January 06, 2003 | CAF020041 | Order Granting the Department of Enforcement's Motion for a Protective Order | Disciplinary Order |
| January 03, 2003 | C10010146 | In the Matter of Department of Enforcement, Complainant vs. Respondent | Disciplinary Decision, Redacted Decision |
| December 30, 2002 | C3B010016 | Hearing Panel Decision in Department of Enforcement v. Magellan Securities, Inc. and Terry M. Laymon | Disciplinary Decision |
| December 26, 2002 | CAF020042 | Order Denying Motion for More Definite Statement | Disciplinary Order |
| December 20, 2002 | C3A020013 | Hearing Panel Decision in Department of Enforcement v. Joseph J. Vastano, Jr. | Disciplinary Decision |