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
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
Jul 26, 2012 2008015105601 Nolan Wayne Moore Disciplinary Decision
Nov 11, 1998 C8A960094 Norman M. Merz Disciplinary Decision
Dec 10, 2008 E8A2005014902 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jul 19, 2016 2011028502101 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jul 21, 2014 2010021303301 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jan 25, 2017 SD-2062 Oppenheimer & Co., Inc. Statutory Disqualification, Approvals
Jan 23, 1998 C3B960004 Otto M. Bruun Disciplinary Decision
Nov 27, 2002 C01000037 Pacific On-Line Trading & Securities, Inc., & Timothy Alan McAdams Disciplinary Decision
Oct 22, 1998 C9A960029 Pamela A. Hartsock Disciplinary Decision
Jul 18, 2016 2012033351801 Paolo Franca Iida Disciplinary Decision

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