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 descending Proceeding No. Title Type
Dec 3, 2001 C07000003 Jack H. Stein Disciplinary Decision
Dec 13, 2001 C10000165 Stephen D. Carcaterra Disciplinary Decision
Dec 13, 2001 C9A000027 Luther A. Hanson Disciplinary Decision
Jan 1, 2002 SD02003 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2002 SD02002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2002 SD02007 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02009 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02010 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 3, 2002 C07000033 Franklyn Ross Michelin & L.H. Ross & Co., Inc. Disciplinary Decision
Mar 20, 2002 CAF000029 In the Matter of Department of Enforcement, Complainant v. Respondent 1 Disciplinary Decision, Redacted Decision
Mar 20, 2002 CAF000033 Dennis Sturm Disciplinary Decision
Mar 20, 2002 C10000026 Damien R. Douglas Disciplinary Decision
Mar 26, 2002 C10010005 Jeffrey B. Hodde Disciplinary Decision
Mar 27, 2002 C8A000059 Roger A. Hanson Disciplinary Decision
Apr 3, 2002 C10000210 James Henry Bond, III Disciplinary Decision
Apr 26, 2002 C10000037 George M. Goritz Disciplinary Decision
May 6, 2002 CAF000015 Josephthal & Co. Inc. Disciplinary Decision
Jun 3, 2002 CAF000030 Manual M. Bello Disciplinary Decision
Jul 29, 2002 CAF000045 Morgan Stanley DW Inc., et al. Disciplinary Decision
Aug 13, 2002 C05010012 Wendell D. Belden Disciplinary Decision
Oct 17, 2002 C8A010020 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
Oct 21, 2002 C10000122 Vincent J. Puma Disciplinary Decision

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