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 Decisionsort ascending Proceeding No. Title Type
Jan 1, 2008 SD08004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2008 SD08002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2008 SD08005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2008 SD08006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2008 SD08008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Dec 27, 2007 E8A2004095901 Jason A. Craig Disciplinary Decision
Dec 20, 2007 C9B040098 Scott Epstein Disciplinary Decision
Dec 14, 2007 C05050015 Kevin P. Calandro and James W. Browne Disciplinary Decision
Dec 4, 2007 C05020055 Michael F. Siegel Disciplinary Decision
Oct 18, 2007 C10030095 John Audifferen Disciplinary Decision
Oct 11, 2007 E0220030425-01 Geoffrey Ortiz Disciplinary Decision
Sep 28, 2007 200500631501 Bryan L. Claggett Disciplinary Decision
Sep 14, 2007 C07050042 Wanda P. Sears Disciplinary Decision
Aug 12, 2007 CAF030014 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
Jul 31, 2007 20060058633 NAC Redacted Membership Decision 20060058633 Membership Decision
Jul 27, 2007 E072004072501 Andrew J. Hardin Disciplinary Decision
Jul 27, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
Jul 26, 2007 C07050029 Anthony Cipriano Disciplinary Decision
Jul 25, 2007 C8A050055 Daniel W. Bukovcik Disciplinary Decision
Jul 25, 2007 C02040016 Philippe N. Keyes Disciplinary Decision
Jul 10, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
May 24, 2007 C02040032 Dana N. Frankfort Disciplinary Decision
May 11, 2007 C05020055 Michael F. Siegel Disciplinary Decision
May 7, 2007 C04050014 Dennis P. Cooper Disciplinary Decision
Feb 27, 2007 C8A050027 Marylan Taylor Disciplinary Decision

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