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
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
May 6, 2015 2009016317701 The Dratel Group, Inc. and William M. Dratel Disciplinary Decision
Jan 13, 1999 C8A970070 Theodore L. Pittman, III Disciplinary Decision
Jan 10, 2017 2012033362101 Thomas Edmund Connors Disciplinary Decision
Feb 15, 2013 2008014621701 Thomas Weisel Partners, LLC and Stephen H. Brinck, Jr. Disciplinary Decision
Oct 27, 2005 C8A030099 Timothy J. Duma Disciplinary Decision
Apr 25, 2003 CAF010013 Timothy J. Ryan Disciplinary Decision
May 17, 2001 C8A990025 Timothy James Fergus, Frank Thomas Devine, & Richard Alan Blake Disciplinary Decision
Feb 4, 2013 2009017439601 Timothy Joseph Golonka Disciplinary Decision
Jan 8, 2019 2015046759201 Todd B. Wyche Disciplinary Decision
May 18, 2005 C8A030068 Todd Grafenauer Disciplinary Decision
Aug 6, 1999 C06910024 Toney L. Reed Disciplinary Decision
May 21, 2003 FPI010004 Toni Valentino Disciplinary Decision
Jan 8, 2019 2013037522501 APPEALED: Trevor Michael Saliba, Sperry Randall Younger, Richard Daniel Tabizon, and Arthur Mansourian Disciplinary Decision
Sep 9, 2003 C01000003 U.S. Rica Financial, Inc. and Vinh Huu Nguyen Disciplinary Decision
May 7, 2014 SD-1757, SD-1758, & SD-1896 UBS Financial Services, Inc., and UBS Securities, LLC Statutory Disqualification, Approvals
Dec 1, 1997 CMS950042 Victor H. Palma, Jr. Disciplinary Decision
Jan 1, 2001 SD01011 View Decision Approvals, Statutory Disqualification, Redacted Decision