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
Mar 20, 2002 CAF000029 In the Matter of Department of Enforcement, Complainant v. Respondent 1 Disciplinary Decision, Redacted Decision
Jan 3, 2002 C07000033 Franklyn Ross Michelin & L.H. Ross & Co., Inc. Disciplinary Decision
Jan 1, 2002 SD02002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2002 SD02007 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02009 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02010 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02003 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2002 SD02001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Dec 13, 2001 C10000165 Stephen D. Carcaterra Disciplinary Decision
Dec 13, 2001 C9A000027 Luther A. Hanson Disciplinary Decision
Dec 3, 2001 C07000003 Jack H. Stein Disciplinary Decision
Nov 1, 2001 C02000037 Paul John Hoeper Disciplinary Decision
Aug 16, 2001 C05990026 Christopher M. Block & Jeffrey S. Burke Disciplinary Decision
Aug 15, 2001 C8A990081 James B. Chase Disciplinary Decision
Aug 6, 2001 C05990035 John Lawson Greer, III Disciplinary Decision
Jun 22, 2001 CAF990018 Ryan Mark Reynolds Disciplinary Decision
Jun 4, 2001 C8A980097 Michael F. Flannigan & Protective Group Securities Corporation Disciplinary Decision
May 17, 2001 C8A990025 Timothy James Fergus, Frank Thomas Devine, & Richard Alan Blake Disciplinary Decision
May 17, 2001 C02990052 Shailesh B. Patel Disciplinary Decision
May 16, 2001 C02990022 Joseph Gaetano Gerace Disciplinary Decision
Apr 26, 2001 C9A990007 Daniel D. Manoff Disciplinary Decision
Apr 19, 2001 C8A990071 Respondent Firm 1, Respondent 2 & Respondent 3 Disciplinary Decision, Redacted Decision
Feb 5, 2001 C10970145 Michael Galasso, Jr., Gerard McMahon, John Montelbano, Dwayne Leverett, & Todd Nejaime Disciplinary Decision

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