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
Sep 18, 1998 C05960074 In the Matter of District Business Conduct Committee For District No. 5 Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
Aug 16, 2001 C05990026 Christopher M. Block & Jeffrey S. Burke Disciplinary Decision
Aug 6, 2001 C05990035 John Lawson Greer, III Disciplinary Decision
Jul 30, 2004 C06020003 Eric H. Dieffenbach and Michel A. Rooms Disciplinary Decision
Feb 12, 2007 C06040027 Sterling Scott Lee and Dennis Todd Lloyd Gordon Disciplinary Decision
Aug 6, 1999 C06910024 In the Matter of District Business Conduct Committee For District No. 6 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 6, 1999 C06910024 Toney L. Reed Disciplinary Decision
Jan 20, 1998 C06950004 Clinger & Co., Inc., & Norman E. Clinger Disciplinary Decision
Feb 9, 1999 C06950029 Frank J. Ingersoll Disciplinary Decision
Dec 3, 2001 C07000003 Jack H. Stein Disciplinary Decision
Jan 3, 2002 C07000033 Franklyn Ross Michelin & L.H. Ross & Co., Inc. Disciplinary Decision
May 13, 2003 C07010037 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
Feb 10, 2005 C07030055 PAZ Securities, Inc. and Joseph Mizrachi Disciplinary Decision
Feb 12, 2007 C07040042 John D. Kaweske Disciplinary Decision
Dec 12, 2005 C07040077 Dulce Maria Salaverria Disciplinary Decision
Jul 26, 2007 C07050029 Anthony Cipriano Disciplinary Decision
Sep 14, 2007 C07050042 Wanda P. Sears Disciplinary Decision
Jul 23, 2009 C07050042 Wanda P. Sears Disciplinary Decision
May 20, 2008 C07050050 Stephen P. Dunbar Disciplinary Decision
Dec 31, 1997 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Feb 19, 1998 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Nov 24, 1997 C07950030 In the Matter of Complainant 1, vs. Respondent Firm 1, and Respondent 2 Disciplinary Decision, Redacted Decision
Apr 7, 1999 C07950054 In the Matter of District Business Conduct Committee For District No. 7, Complainant, vs. Respondent 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Jul 2, 1998 C07950058 International Trading Group, Inc., & Daniel E. Carter Disciplinary Decision
Jul 2, 1998 C07950058 In the Matter of District Business Conduct Committee For District No. 7 Complainant, vs. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision

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