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 ascending Type
Apr 26, 2013 2008015934801 Alan Jay Davidofsky Disciplinary Decision
Mar 23, 2017 2014040968501 APPEALED: Ahmed Gadelkareem Disciplinary Decision
Mar 6, 1998 C07960085 Adam S. Levy Disciplinary Decision
Sep 26, 2012 2007008239001 ACAP Financial Inc. and Gary Hume Disciplinary Decision
Mar 6, 1998 C02970007 Aaron Eugene Granath Disciplinary Decision
May 13, 1999 C10960208 A.S. Goldmen & Co., Inc., Anthony J. Marchiano, Stuart E. Winkler, & Stacy Meyers Disciplinary Decision

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