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. Titlesort descending Type
Apr 21, 2005 C9B030045 Michael O'Hare Disciplinary Decision
May 20, 2014 2010021621201 Michael Pino Disciplinary Decision
Jul 28, 1997 C9B950014 Michael R. Euripides Disciplinary Decision
May 17, 2018 2015044960501 Michael Todd Clements Disciplinary Decision
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
Oct 30, 1997 C8A930048 Miguel Angel Cruz Disciplinary Decision
Jan 4, 2017 2014041319201 Miguel Ortiz Disciplinary Decision
Feb 25, 2010 2006003738501 Mission Securities Corporation and Craig M. Biddick Disciplinary Decision
Oct 2, 2013 2008011762801 Mitchell H. Fillet Disciplinary Decision
Mar 7, 2016 2008011762801r APPEALED: Mitchell H. Fillet Disciplinary Decision
Feb 19, 2014 SD-1812 Mitchell T. Toland Statutory Disqualification, Denials
Jul 2, 1998 C01970012 Monterey Bay Securities, Inc., & Kenneth Mark Doolittle Disciplinary Decision
Jul 9, 1998 C01970012 Monterey Bay Securities, Inc., & Kenneth Mark Doolittle Disciplinary Decision
Jan 18, 2000 CMS960235 Morgan Stanley & Co., Inc., Thomas Anthony Crocamo, Carl DeFelice, Joseph Louis Ferrarese, Peter William Ferriso, Jr., Robert Scott Ranzman, Charles McMichael Simonds, & David Robert Slaine Disciplinary Decision
Jul 29, 2002 CAF000045 Morgan Stanley DW Inc., et al. Disciplinary Decision
Nov 28, 2017 SD-2147 Morgan Stanley Smith Barney Statutory Disqualification, Approvals
Dec 18, 2006 C9B040080 Morton Bruce Erenstein Disciplinary Decision
Aug 19, 2010 2006003834901 Moustafa M. Zayed Disciplinary Decision
Jul 31, 2007 20060058633 NAC Redacted Membership Decision 20060058633 Membership Decision
Nov 30, 2010 20090196759 NAC Redacted Membership Decision 20090196759 Membership Decision
Apr 15, 2011 20100226181 NAC Redacted Membership Decision 20100226181 Membership Decision
Jul 28, 1998 C02970027 Nancy H. Martin Disciplinary Decision
May 23, 2018 2012030564701 Newport Coast Securities, Inc., Andre La Barbera, Douglas Leone Disciplinary Decision
Dec 22, 1997 C9A970019 Nicholas A. Rudi Disciplinary Decision
Aug 7, 2006 CMS040069 Nicholas R. Sciascia Disciplinary Decision

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