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 Decision Proceeding No.sort descending Title Type
Apr 5, 2018 David P. Brown Statutory Disqualification, Approvals
Mar 3, 2011 2005000075703 Midas Securities, LLC, World Trade Financial Corporation, Jason Troy Adams, Frank Edward Brickell, Jay S. Lee, and Rodney Preston Michel Disciplinary Decision
Jul 28, 2009 2005000127502 Steven Richard Jaloza, Neal Anthony Impellizeri and Michael Raymond Gimeli Disciplinary Decision
Jul 28, 2011 2005000324301 Jerry William Burch Disciplinary Decision
Jul 26, 2010 2005000835801 Harry Friedman Disciplinary Decision
Oct 8, 2010 2005000879302 Legacy Trading Co., LLC and Mark Alan Uselton Disciplinary Decision
Oct 6, 2008 2005001305701 Harvest Capital Investments, LLC and Dennis Cotto Disciplinary Decision
Feb 26, 2010 2005001729501 Gerald J. Kesner Disciplinary Decision
Oct 2, 2008 2005001819101 Domestic Securities Inc. Disciplinary Decision
Aug 21, 2009 2005001919501 Jennifer Jordan Disciplinary Decision
Dec 20, 2011 2005001988201 Mark B. Beloyan and Tradespot Markets, Inc. Disciplinary Decision
Mar 7, 2008 2005002570601 Paul Douglas Paratore Disciplinary Decision
May 10, 2010 2005003188901 Richard G. Cody Disciplinary Decision
May 6, 2011 2005003437102 Michael Lee Bullock Disciplinary Decision
Oct 20, 2011 2005003610701 William J. Murphy, Carl M. Birkelbach, and Birkelbach Investment Securities, Inc. Disciplinary Decision
Sep 28, 2007 200500631501 Bryan L. Claggett Disciplinary Decision
Feb 25, 2010 2006003738501 Mission Securities Corporation and Craig M. Biddick Disciplinary Decision
Aug 19, 2010 2006003834901 Moustafa M. Zayed Disciplinary Decision
May 1, 2012 2006004122402 Hedge Fund Capital Partners, LLC and Howard G. Jahre Disciplinary Decision
Dec 14, 2009 2006004377701 Paul Bryan Zenke Disciplinary Decision
Oct 2, 2009 20060049953-01 Joseph Ricupero Disciplinary Decision
Mar 2, 2012 20060051788-01 Harrison A. Hatzis Disciplinary Decision
Dec 17, 2013 2006005259801 John Joseph Plunkett Disciplinary Decision
Feb 21, 2012 2006005259801 John Joseph Plunkett Disciplinary Decision
Dec 22, 2010 2006005318801 Kent M. Houston Disciplinary Decision