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 Decision Proceeding No. Titlesort ascending Type
Sep 29, 2015 SD-2029 Bret M. Shapiro with Dawson James Securities, Inc. Statutory Disqualification, Denials
Dec 14, 1999 C04990005 Bradford Lee Brinton Disciplinary Decision
Dec 15, 2003 C8A020014 Brad A. Roethlisberger Disciplinary Decision
Jul 18, 2014 2009019837302 APPEALED: Blair C. Mielke and Frederick W. Shultz Disciplinary Decision
Feb 20, 2014 2009018076101 Blair Alexander West Disciplinary Decision
Apr 10, 2000 C01990002 Bernard San Juan Rondez Disciplinary Decision
Jul 18, 2016 2012034389202 APPEALED: Bernard G. McGee Disciplinary Decision
Oct 2, 2014 20130379350 APPEALED: Bering Strait Securities, Inc. Membership Decision
May 19, 2006 C01040019 Beerbaum & Beerbaum Financial and Insurance Services, Inc., and Hans N. Beerbaum Disciplinary Decision
Nov 17, 2000 C10990024 Averell Golub Disciplinary Decision
Sep 19, 1997 C3A940064 Aspen Capital Group, Inc., & Stephen Carlson Disciplinary Decision
Nov 5, 1997 C01950010 Ashton N. Gowadia Disciplinary Decision
Jul 28, 2006 CAF030067 Asensio Brokerage Services, Inc. n/k/a Integral Securities, Inc., and Manuel Peter Asensio Disciplinary Decision
Aug 7, 2008 CMS040165 Ara Proudian Disciplinary Decision
May 23, 2018 2012034393801 Aon Miller Disciplinary Decision
May 18, 2005 CMS030269 Anthony John Orlando, Jr. and Philip Anthony Orlando Disciplinary Decision
Aug 8, 2003 C02010041 Anthony H. Barkate Disciplinary Decision
Jul 26, 2007 C07050029 Anthony Cipriano Disciplinary Decision
Oct 3, 2014 2009016034101 APPEALED: Anthony A. Grey Disciplinary Decision
Nov 3, 1999 C04970050 Ansula Pet Hwa Liu Disciplinary Decision
Aug 1, 2014 20080127674 & 20080133768 Angelo Xagoraris Disciplinary Decision
Dec 7, 2005 C10030088 Andrew P. Schneider Disciplinary Decision
Jul 27, 2007 E072004072501 Andrew J. Hardin Disciplinary Decision
Aug 26, 2008 CAF040058 Andrew Gonchar and Polyvios Polyviou Disciplinary Decision
Dec 22, 1998 C10960149 Andrew Fensmark Harris Disciplinary Decision