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 descending Proceeding No. Title Type
Jul 27, 2017 SD-2130 APPEALED: Robert J. Escobio Statutory Disqualification
Aug 3, 2017 2012030527503 APPEALED: Thaddeus James North Disciplinary Decision
Oct 2, 2017 SD-2129 APPEALED: Bruce Zipper Disciplinary Decision
Oct 5, 2017 2013038986001 APPEALED: Richard Allen Riemer, Jr. Disciplinary Decision
Nov 3, 2017 SD-2160 Louis Capital Markets, LP Statutory Disqualification, Approvals
Nov 28, 2017 SD-2147 Morgan Stanley Smith Barney Statutory Disqualification, Approvals
Dec 11, 2017 SD-2144 Goldman, Sachs & Co. Statutory Disqualification, Approvals
Dec 21, 2017 2011027007901 Shashishekhar Doni Disciplinary Decision
Dec 22, 2017 2013035533701 Meyers Associates, L.P. Disciplinary Decision
Jan 4, 2018 2010020954501 Meyers Associates, L.P. (n/k/a Windsor Street Capital, L.P.) and Bruce Meyers Disciplinary Decision