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 descending Type
Mar 13, 2018 SD-2137 Gabriel Block Statutory Disqualification
Dec 10, 2014 2011025957702 Gary Giblen Disciplinary Decision
Feb 18, 2016 FPI150009 Gary James Lundgren Expedited Decision, Non-Summary Proceeding
Oct 11, 2007 E0220030425-01 Geoffrey Ortiz Disciplinary Decision
Apr 26, 2002 C10000037 George M. Goritz Disciplinary Decision
Jan 21, 1999 C3B960026 Gerald Cash McNeil Disciplinary Decision
Feb 26, 2010 2005001729501 Gerald J. Kesner Disciplinary Decision
Jul 2, 1998 C01970017 Glen McKinley Richars, III Disciplinary Decision
Jul 20, 2017 2015044444801 Glenn Robert King Disciplinary Decision
Dec 11, 2017 SD-2144 Goldman, Sachs & Co. Statutory Disqualification, Approvals
Dec 17, 1999 C02980051 Gordon Kerr Disciplinary Decision
Apr 19, 1999 C01970025 Gregory Paul Maggipinto Disciplinary Decision
Dec 18, 2006 C8A040079 Gregory R. Masceri Disciplinary Decision
Mar 7, 2012 2008012137601 Gregory Richard Imbruce Disciplinary Decision
May 13, 2004 C9A020052 Guang Lu Disciplinary Decision
Feb 5, 1999 C02960001 Harold B. Gallison, Jr., Gregory K. Mehlmann, Robert C. Weaver, Gerald R. Budke, Christopher S. Knight, La Jolla Capital Corporation Disciplinary Decision
Mar 2, 2012 20060051788-01 Harrison A. Hatzis Disciplinary Decision
Jul 26, 2010 2005000835801 Harry Friedman Disciplinary Decision
Mar 30, 1999 C02960039 Harry Gliksman & William Gallagher Disciplinary Decision
Dec 18, 2012 2009018068701 Harry W. Hunt Disciplinary Decision
Oct 6, 2008 2005001305701 Harvest Capital Investments, LLC and Dennis Cotto Disciplinary Decision
May 1, 2012 2006004122402 Hedge Fund Capital Partners, LLC and Howard G. Jahre Disciplinary Decision
Oct 22, 1998 C8A970040 Herbert L. Davis, Jr. Disciplinary Decision
Aug 10, 2006 A8A050063 Homeland Securities Financial Services Group, Inc. Membership Decision
May 13, 2011 2007011937001 Howard Braff Disciplinary Decision