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
Mar 18, 2019 2016047565702 APPEALED: Dakota Securities & Bruce Zipper Disciplinary Decision
May 15, 2019 2015048362402 John Anthony Vedovino Disciplinary Decision
May 15, 2019 2016052347901 Austin Wayne Morton Disciplinary Decision
May 22, 2019 2012030738501 J. W. Korth & Company Disciplinary Decision
May 23, 2019 2014039285401 Southeast Investments, N.C., Inc. and Frank Harmon Black Disciplinary Decision

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