National Adjudicatory Council

The National Adjudicatory Council (NAC) is a FINRA committee that reviews initial decisions rendered in FINRA disciplinary and membership proceedings. While a decision is on appeal, the sanction is not actively enforced against the firm or individual. The NAC may affirm, dismiss, modify, or reverse any finding, or remand for further proceedings. The NAC may affirm, modify, reverse, increase, or reduce any sanction or impose any other fitting sanction.

Unless FINRA's Board of Governors decides to review the NAC's appellate decision, the NAC's decision represents FINRA's final action. A firm or individual can appeal FINRA's decision to the Securities and Exchange Commission.

Date of Decisionsort ascending Proceeding No. Title Type
Jul 26, 2010 2005000835801 Harry Friedman Disciplinary Decision
May 10, 2010 2005003188901 Richard G. Cody Disciplinary Decision
May 3, 2010 2006006890801 CMG Institutional Trading LLC and Shawn D. Baldwin Disciplinary Decision
Apr 23, 2010 E8A2004072203 Jonathan M. Skiba Disciplinary Decision
Mar 3, 2010 CLGO50021 John Patrick Leighton and Kenneth D. Pasternak Disciplinary Decision
Feb 26, 2010 2005001729501 Gerald J. Kesner Disciplinary Decision
Feb 25, 2010 2006003738501 Mission Securities Corporation and Craig M. Biddick Disciplinary Decision
Jan 1, 2010 SD10005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2010 SD10003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2010 SD10002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2010 SD10004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2010 SD10006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2010 SD10001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Dec 18, 2009 2006006192901 Denis William Kraemer, Jr. Disciplinary Decision
Dec 16, 2009 E072005017201 John B. Busacca, III Disciplinary Decision
Dec 14, 2009 2006004377701 Paul Bryan Zenke Disciplinary Decision
Oct 6, 2009 2006006705601 John M. Saad Disciplinary Decision
Oct 2, 2009 20060049953-01 Joseph Ricupero Disciplinary Decision
Aug 25, 2009 2006005565401 Michael L. Vines Disciplinary Decision
Aug 21, 2009 2005001919501 Jennifer Jordan Disciplinary Decision
Aug 7, 2009 E102004083705 Lisa Ann Tomiko Nouchi Disciplinary Decision
Jul 30, 2009 E102004083704 Marc Winters Disciplinary Decision
Jul 30, 2009 E9B2003033701 Keith Howard Medeck Disciplinary Decision
Jul 28, 2009 2005000127502 Steven Richard Jaloza, Neal Anthony Impellizeri and Michael Raymond Gimeli Disciplinary Decision
Jul 23, 2009 C07050042 Wanda P. Sears Disciplinary Decision

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