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
Oct 11, 2005 C8A030089 Joseph Rogala Disciplinary Decision
Oct 3, 2005 FPI040002 Ryan & Company, LP and Scott W. Ryan Disciplinary Decision
Sep 30, 2005 CMS040165 In the Matter of Department of Market Regulation, Complainant, vs.[Respondent Firm], et al. Attorney Disqualification Ruling
Sep 6, 2005 C01040001 Department of Enforcement, Complainant, vs. Respondent Firm and Respondent Disciplinary Decision, Redacted Decision
Aug 31, 2005 CMS020247 Terrance Yoshikawa Disciplinary Decision
Jun 17, 2005 CMS040165 In the Matter of Department of Market Regulation, Complainant, vs.[Respondent Firm], et al. Attorney Disqualification Ruling
Jun 14, 2005 CAF010011 J. Alexander Sec., Inc., Richard Newberg, James Alexander Disciplinary Decision
Jun 9, 2005 CMS030181 In the Matter of Department of Market Regulation, Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
May 25, 2005 C10030110 Ram Kapara Disciplinary Decision
May 24, 2005 C02020057 Alvin W. Gebhart, Jr. and Donna T. Gebhart Disciplinary Decision
May 18, 2005 C8A030068 Todd Grafenauer Disciplinary Decision
May 18, 2005 CMS030269 Anthony John Orlando, Jr. and Philip Anthony Orlando Disciplinary Decision
May 3, 2005 C8A030062 Paul Zdzieblowski Disciplinary Decision
Apr 21, 2005 C9B030045 Michael O'Hare Disciplinary Decision
Apr 5, 2005 C10020090 Joseph Abbondante Disciplinary Decision
Feb 24, 2005 C3A030017 Fox & Company Investments, Inc. and James W. Moldermaker Disciplinary Decision
Feb 14, 2005 CMS030006 Castle Securities Corp. Disciplinary Decision
Feb 10, 2005 C07030055 PAZ Securities, Inc. and Joseph Mizrachi Disciplinary Decision
Jan 1, 2005 SD05010 In the Matter of X as a Limited Representative – Corporate Securities Representative Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2005 SD05008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2005 SD05001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05003 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals

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