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
Dec 31, 1997 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Feb 19, 1998 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Jul 30, 2010 2007010306901 FCS Securities and Dale Kleinser Disciplinary Decision
Aug 5, 1997 C10950101 Forbes, Walsh, Kelly & Co., Inc., & Robert E. Kelly Disciplinary Decision
Feb 24, 2005 C3A030017 Fox & Company Investments, Inc. and James W. Moldermaker Disciplinary Decision
Jan 6, 2017 2012030724101 Fox Financial Management Corporation, Brian A. Murphy, James E. Rooney, Jr. Disciplinary Decision
May 25, 2018 SD-2189 Francis D. Moise, Sr., with First Western Securities, Inc. Statutory Disqualification, Approvals
Feb 9, 1999 C06950029 Frank J. Ingersoll Disciplinary Decision
Nov 13, 2003 CAF000013 Frank J. Skelly, III and Craig H. Gross Disciplinary Decision
Nov 22, 2004 CAF030008 Frank Peter Quattrone Disciplinary Decision
Jan 3, 2002 C07000033 Franklyn Ross Michelin & L.H. Ross & Co., Inc. Disciplinary Decision
Sep 25, 2015 2012034211301 APPEALED: Fuad Ahmed Disciplinary Decision
Mar 13, 2018 SD-2137 APPEALED: Gabriel Block Statutory Disqualification, Denials
Dec 10, 2014 2011025957702 Gary Giblen Disciplinary Decision
Feb 18, 2016 FPI150009 Gary James Lundgren Expedited Decision, Non-Summary Proceeding
Nov 21, 2018 SD-2203 Gates Capital Corporation Statutory Disqualification, Approvals
Oct 11, 2007 E0220030425-01 Geoffrey Ortiz Disciplinary Decision
Apr 26, 2002 C10000037 George M. Goritz Disciplinary Decision
Jan 21, 1999 C3B960026 Gerald Cash McNeil Disciplinary Decision
Feb 26, 2010 2005001729501 Gerald J. Kesner Disciplinary Decision
Jul 2, 1998 C01970017 Glen McKinley Richars, III Disciplinary Decision
Jul 20, 2017 2015044444801 Glenn Robert King Disciplinary Decision
Dec 11, 2017 SD-2144 Goldman, Sachs & Co. Statutory Disqualification, Approvals
Oct 2, 2018 2014042291901 APPEALED: Gopi Krishna Vungarala Disciplinary Decision
Dec 17, 1999 C02980051 Gordon Kerr Disciplinary Decision

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