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
Aug 28, 2006 C05030036 Sisung Securities Corporation Disciplinary Decision
Oct 4, 2018 2013037401001 Stanley Clayton Niekras Disciplinary Decision
Aug 1, 2018 SD-2179 State Street Global Advisors Funds Distributors, LLC Statutory Disqualification, Approvals
Aug 1, 2018 SD-2180 State Street Global Markets, LLC Statutory Disqualification, Approvals
Dec 13, 2001 C10000165 Stephen D. Carcaterra Disciplinary Decision
Dec 18, 2000 C10990014 Stephen Earl Prout Disciplinary Decision
Jul 16, 2015 2012032997201 APPEALED: Stephen Grivas Disciplinary Decision
Jan 23, 1998 C02960042 Stephen J. Gluckman Disciplinary Decision
May 20, 2008 C07050050 Stephen P. Dunbar Disciplinary Decision
Dec 28, 2011 2007009403801 Stephen W. Wilson Disciplinary Decision
Feb 12, 2007 C06040027 Sterling Scott Lee and Dennis Todd Lloyd Gordon Disciplinary Decision
Aug 25, 1998 C07960069 Steven A. Kirschbaum Disciplinary Decision
Apr 21, 1999 C9B960013 Steven D. Goodman Disciplinary Decision
Nov 9, 1999 C9B960013 Steven D. Goodman Disciplinary Decision
Sep 18, 1997 C8A940073 Steven Herbert Johansen Disciplinary Decision
Mar 5, 2014 2009017527501 Steven R. Tomlinson Disciplinary Decision
Jul 28, 2009 2005000127502 Steven Richard Jaloza, Neal Anthony Impellizeri and Michael Raymond Gimeli Disciplinary Decision
May 13, 1999 C07980027 Stuart G. Horowitz Disciplinary Decision
Nov 4, 1999 C8A980054 Sylvester Cannon, Jr. Disciplinary Decision
Jan 16, 1998 C04960004 Tammy S. Kwikkel-Elliott Disciplinary Decision
Jul 24, 1998 C07970045 Ted D. Wells Disciplinary Decision
Aug 31, 2005 CMS020247 Terrance Yoshikawa Disciplinary Decision
Mar 15, 2017 2010025087302 APPEALED: Thaddeus J. North Disciplinary Decision
Aug 3, 2017 2012030527503 APPEALED: Thaddeus James North Disciplinary Decision
May 2, 2014 2008012925001 APPEALED: The Dratel Group, Inc. and William M. Dratel Disciplinary Decision

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