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 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
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
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 In the Matter of Market Regulation Committee Complainant, v. Respondent 1 Disciplinary Decision, Redacted Decision
Dec 1, 1997 C10960019 David A. Blech Disciplinary Decision
Dec 1, 1997 CMS950042 Victor H. Palma, Jr. 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
Nov 20, 1997 C9A960030 Brian L. Shegon Disciplinary Decision
Nov 20, 1997 C10960116 Ilana Abby Knapp Disciplinary Decision
Nov 20, 1997 C07960110 Darren L. Klemp Disciplinary Decision
Nov 20, 1997 C07960065 Christopher K. Cutchens Disciplinary Decision
Nov 18, 1997 C3A960014 In the Matter of District Business Conduct Committee for District No. 3 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Nov 18, 1997 C3A960014 John Holland Disciplinary Decision
Nov 5, 1997 C01950010 Ashton N. Gowadia Disciplinary Decision
Oct 30, 1997 C8A950030 James Allen Merlen & City Securities Corporation Disciplinary Decision
Oct 30, 1997 C8A930048 Miguel Angel Cruz Disciplinary Decision
Oct 10, 1997 C05960041 In the Matter of District Business Conduct Committee for District No. 5, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision

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