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 20, 1998 C06950004 Clinger & Co., Inc., & Norman E. Clinger Disciplinary Decision
Jan 20, 1998 C02960031 Donna R. Roach Disciplinary Decision
Jan 16, 1998 C04960004 Tammy S. Kwikkel-Elliott Disciplinary Decision
Jan 7, 1998 C8A960029 Bruce L. Pecaro Disciplinary Decision
Jan 7, 1998 C8A960029 In the Matter of District Business Conduct Committee For District No. 8 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Jan 6, 1998 C02950044 Lori Sue Koppel-Heath Disciplinary Decision
Jan 1, 1998 SD98004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1998 SD98009 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1998 SD98002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1998 SD98005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1998 SD98006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1998 SD98007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1998 SD98008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1998 SD98001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1998 SD98003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Dec 31, 1997 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Dec 29, 1997 C3A950073 In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent Firm 1, Respondent 2, and Respondent 3 Disciplinary Decision, Redacted Decision
Dec 23, 1997 CMS960247 In the Matter of Market Regulation Committee, Complainant, vs. Respondent Firm 1 Disciplinary Decision, Redacted Decision
Dec 22, 1997 C9A970019 Nicholas A. Rudi Disciplinary Decision
Dec 17, 1997 C01960003,C01960024 L.H. Alton & Company & Lewis Hunt Alton Disciplinary Decision
Dec 1, 1997 CMS950042 Victor H. Palma, Jr. Disciplinary Decision
Dec 1, 1997 CMS950042 In the Matter of Market Regulation Committee Complainant, v. Respondent 1 Disciplinary Decision, Redacted Decision
Dec 1, 1997 C10960019 David A. Blech Disciplinary Decision
Nov 24, 1997 C07950030 In the Matter of Complainant 1, vs. Respondent Firm 1, and Respondent 2 Disciplinary Decision, Redacted Decision
Nov 20, 1997 C07960014 In the Matter of District Business Conduct Committee for District No. 7 Complainant, vs. Respondent 1, and Respondent 2, and Respondent 3 Disciplinary Decision, Redacted Decision

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