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
Nov 13, 2000 C10970176 Robert Fitzpatrick Disciplinary Decision
Nov 6, 2000 C8A980059 In the Matter of Department of Enforcement, Complainant v. Respondent 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Oct 16, 2000 C05940077 John P. Goldsworthy Disciplinary Decision
Sep 1, 2000 C8A990017 David L. Foran Disciplinary Decision
Aug 16, 2000 CAF980005 Howard R. Perles & Laurence M. Geller Disciplinary Decision
Jun 28, 2000 CAF970011 Richard Steven Levitov & Ralph Joseph Angeline Disciplinary Decision
Jun 19, 2000 C9A980032 In the Matter of Department of Enforcement, Complainant v. Respondent 1 Disciplinary Decision, Redacted Decision
Jun 2, 2000 CAF980029 Aleksandr Shvarts Disciplinary Decision
Jun 1, 2000 CMS970027 Jerome E. Rosen Disciplinary Decision
Apr 20, 2000 C10970141 Marlowe Robert Walker, III Disciplinary Decision
Apr 19, 2000 C07990016 James O. Baxter, Jr. Disciplinary Decision
Apr 18, 2000 C3A980069 Michael A. Usher Disciplinary Decision
Apr 14, 2000 CMS960174 Vincent M. Carrella Disciplinary Decision
Apr 10, 2000 C01990002 Bernard San Juan Rondez Disciplinary Decision
Apr 6, 2000 C07960105 Wayne B. Vaughan Disciplinary Decision
Feb 7, 2000 CMS950041 In the Matter of Market Regulation Committee, Complainant, vs. Respondent 1 and Respondent Firm 2 Disciplinary Decision, Redacted Decision
Jan 18, 2000 CMS960235 Morgan Stanley & Co., Inc., Thomas Anthony Crocamo, Carl DeFelice, Joseph Louis Ferrarese, Peter William Ferriso, Jr., Robert Scott Ranzman, Charles McMichael Simonds, & David Robert Slaine Disciplinary Decision
Jan 1, 2000 SD00001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2000 SD00004 Proposed Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2000 SD00005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2000 SD00006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2000 SD00011 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2000 SD00012 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2000 SD00002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2000 SD00003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials

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