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.sort descending Title Type
Jul 2, 1998 C07950058 International Trading Group, Inc., & Daniel E. Carter Disciplinary Decision
Jan 23, 1998 C07960009 James S. Pritula Disciplinary Decision
Nov 20, 1997 C07960014 In the Matter of District Business Conduct Committee for District No. 7 Complainant, vs. Respondent 1, and Respondent 2, and Respondent 3 Disciplinary Decision, Redacted Decision
Nov 20, 1997 C07960065 Christopher K. Cutchens Disciplinary Decision
Aug 25, 1998 C07960069 Steven A. Kirschbaum Disciplinary Decision
Mar 6, 1998 C07960085 Adam S. Levy Disciplinary Decision
Jan 22, 1998 C07960091 Robert L. Wallace Disciplinary Decision
Sep 14, 1998 C07960096 Hunter International Securities, Inc., & Louis N. Nizza, Jr. Disciplinary Decision
Oct 22, 1998 C07960105 Wayne B. Vaughan Disciplinary Decision
Apr 6, 2000 C07960105 Wayne B. Vaughan Disciplinary Decision
Nov 20, 1997 C07960110 Darren L. Klemp Disciplinary Decision
Oct 15, 1998 C07970006 Joseph G. Chiulli Disciplinary Decision
Aug 17, 1998 C07970022 Allen R. Prewitt Disciplinary Decision
Jun 4, 1998 C07970024 Michael L. Yancey Disciplinary Decision
Jul 24, 1998 C07970045 Ted D. Wells Disciplinary Decision
Jul 1, 1998 C07970051 Richard Timothy Greene Disciplinary Decision
Oct 18, 1999 C07980011 Mark S. Balbirer Disciplinary Decision
Aug 12, 1999 C07980019 John D. Morgan Disciplinary Decision
May 13, 1999 C07980027 Stuart G. Horowitz Disciplinary Decision
Apr 19, 2000 C07990016 James O. Baxter, Jr. Disciplinary Decision
Mar 20, 2002 C10000026 Damien R. Douglas Disciplinary Decision
Apr 26, 2002 C10000037 George M. Goritz Disciplinary Decision
Aug 11, 2003 C10000122 Vincent J. Puma Disciplinary Decision
Oct 21, 2002 C10000122 Vincent J. Puma Disciplinary Decision
Dec 13, 2001 C10000165 Stephen D. Carcaterra Disciplinary Decision

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