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 |
|---|---|---|---|
| December 20, 2002 | C10000122 | Hearing Panel Decision in Department of Enforcement v. Vincent J. Puma | Disciplinary Decision |
| December 14, 2002 | CAF000045 | Hearing Panel Decision as to Respondent | Redacted Decision |
| December 13, 2002 | C02020014 | Hearing Panel Decision in Department of Enforcement v. Young Min Kim | Disciplinary Decision |
| December 13, 2002 | C04020006 | Hearing Panel Decision in Department of Enforcement v. Curtis W. Triggs, Jr. | Disciplinary Decision |
| November 27, 2002 | C01000037 | Pacific On-Line Trading & Securities, Inc., & Timothy Alan McAdams | Disciplinary Decision |
| November 27, 2002 | CAF000027 | Hearing Panel Decision as to Respondent | Redacted Decision |
| November 13, 2002 | CMS000142 | Ko Securities, Inc. | Disciplinary Decision |
| November 06, 2002 | C3A020020 | Hearing Panel Decision in Department of Enforcement v. Stephanie Ann Dixon | Disciplinary Decision |
| November 05, 2002 | C01010009 | Hearing Panel Decision in Department of Enforcement v. Chris Dinh Hartley | Disciplinary Decision |
| October 27, 2002 | CAF980002 | John Fiero & Fiero Brothers, Inc. | Disciplinary Decision |
| October 21, 2002 | C10000122 | Vincent J. Puma | Disciplinary Decision |
| October 17, 2002 | C8A010020 | In the Matter of Department of Enforcement, Complainant vs. Respondent | Disciplinary Decision, Redacted Decision |
| October 07, 2002 | C01010018 | Hearing Panel Decision in Department of Enforcement v. Brendan Conley Walsh | Disciplinary Decision |
| October 03, 2002 | DFC020014 | NASD Treasurer, Complainant, v. Respondent | Expedited Decision, Rule 9530 Suspension Decisions |
| September 24, 2002 | C01020003 | Hearing Panel Decision in Department of Enforcement v. Martin Herbert Meckler | Disciplinary Decision |
| September 17, 2002 | C9B020016 | Hearing Panel Decision in Department of Enforcement v. Michael K. Kalmaer | Disciplinary Decision |
| September 13, 2002 | C06010025 | Hearing Panel Decision in Department of Enforcement v. Arlie R. Horn, Jr. and Lindsay A. Byrum | Disciplinary Decision |
| September 05, 2002 | C02010041 | Hearing Panel Decision in Department of Enforcement v. Anthony H. Barkate | Disciplinary Decision |
| August 13, 2002 | C01010017 | Hearing Panel Decision in Department of Enforcement v. James Richard Wamsley | Disciplinary Decision |
| August 13, 2002 | C07010100 | Hearing Panel Decision in Department of Enforcement v. David William Haburjak | Disciplinary Decision |
| August 13, 2002 | C05010012 | Wendell D. Belden | Disciplinary Decision |
| August 05, 2002 | C8A010048 | Hearing Panel Decision in Department of Enforcement v. Christian W. Baker | Disciplinary Decision |
| July 29, 2002 | CAF000045 | Morgan Stanley DW Inc., et al. | Disciplinary Decision |
| July 09, 2002 | C9B010041 | Hearing Panel Decision in Department of Enforcement v. James B. Moran | Disciplinary Decision |
| July 09, 2002 | C01000003 | Hearing Panel Decision in Department of Enforcement v. U.S. Rica Financial, Inc. and Vinh Huu Nguyen | Disciplinary Decision |