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 |
|---|---|---|---|
| March 20, 2002 | CAF000033 | Dennis Sturm | Disciplinary Decision |
| March 14, 2002 | ARB010032 | Non-Summary Suspension Proceeding ARB010032 | Expedited Decision, Non-Summary Proceeding |
| March 04, 2002 | C05010017 | Hearing Panel Decision in Department of Enforcement v. James S. Davenport | Disciplinary Decision |
| February 15, 2002 | C01010003 | Hearing Panel Decision as to Respondent | Redacted Decision |
| January 30, 2002 | C3A010036 | Order Denying Respondents' Motion For Order Directing Enforcement To Produce Documents | Disciplinary Order |
| January 28, 2002 | CAF010028 | Order Denying Motion To Disqualify Hearing Officer | Disciplinary Order |
| January 28, 2002 | ARB010016 | Non-Summary Suspension Consolidated Proceeding ARB010016 | Expedited Decision, Non-Summary Proceeding |
| January 25, 2002 | ARB010013 | Non-Summary Suspension Proceeding ARB010013 | Expedited Decision, Non-Summary Proceeding |
| January 22, 2002 | C8A010066 | Order Denying Respondent's Motion To Dismiss | Disciplinary Order |
| January 03, 2002 | C07000033 | Franklyn Ross Michelin & L.H. Ross & Co., Inc. | Disciplinary Decision |
| January 01, 2002 | SD02001 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Denials |
| January 01, 2002 | SD02002 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Denials |
| January 01, 2002 | SD02009 | In the Matter of the Continued Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 01, 2002 | SD02003 | In the Matter of the Continued Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 01, 2002 | SD02007 | In the Matter of the Continued Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 01, 2002 | SD02010 | In the Matter of the Continued Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 01, 2002 | SD02004 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 01, 2002 | SD02008 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| December 28, 2001 | CMS000015 | Hearing Panel Decision in Department of Enforcement v. Amr "Tony" Elgindy and Key West Securities, Inc. | Disciplinary Decision |
| December 13, 2001 | C10000165 | Stephen D. Carcaterra | Disciplinary Decision |
| December 13, 2001 | C9A000027 | Luther A. Hanson | Disciplinary Decision |
| December 12, 2001 | C3A010005 | Hearing Panel Decision in Department of Enforcement v. Jay R. Rice | Disciplinary Decision |
| December 07, 2001 | C01000037 | Hearing Panel Decision in Department of Enforcement v. Pacific On-Line Trading & Securities, Inc. and Timothy Alan McAdams | Disciplinary Decision |
| December 03, 2001 | C07000003 | Jack H. Stein | Disciplinary Decision |
| November 21, 2001 | C07010017 | Hearing Panel Decision as to Respondent | Redacted Decision |