On August 30, 2007, FiNRA’s Department of Enforcement (“Enforcement”) filed a 14-cause complaint against CMG and Baldwin alleging the aforementioned violations of SEC, NASD, and MSRB Rules.
On September 26, 2007, CMG and Baldwin filed answers to the complaint. The Hearing Panel conducted a hearing on July 7, 2008.
On October 14, 2008, the Hearing Panel found CMG and Baldwin liable under each cause alleged in the complaint.
On November 4, 2008, the Respondents appealed the Hearing Panel’s decision. Oral argument was held on June 12, 2009. The Decision was published on May 3, 2010.
See the 2010 NAC Decision at http://www.finra.org/web/groups/industry/@ip/@enf/@adj/documents/nacdecisions/p121380.pdf
See the 2008 Office of Hearing Officers Decision at http://www.finra.org/web/groups/industry/@ip/@enf/@adj/documents/ohodecisions/p117583.pdf
I commend both the OHO and the NAC decisions to you as they are well-written and reasoned, and set forth in a comprehensive manner the allegations, findings, and rationale. An excellent effort by FINRA.