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
Jan 31, 2014 SD-1794 RBC Capital Markets, LLC Statutory Disqualification
Oct 5, 2015 2009017899801 APPEALED: Rani T. Jarkas Disciplinary Decision
May 25, 2005 C10030110 Ram Kapara Disciplinary Decision
Feb 16, 2007 E072004044201 Ralph Merhi Disciplinary Decision
Feb 21, 2006 C9B030076 Raghavan Sathianathan Disciplinary Decision
Jun 12, 1998 C10930017 Rafael Pinchas Disciplinary Decision
Jan 1, 2000 SD00004 Proposed Association of X Redacted Decision, Statutory Disqualification, Approvals
Mar 22, 1998 C8A960040 Podesta & Co. & Carol P. Foley Disciplinary Decision
Dec 28, 2005 C02040016 Philippe N. Keyes Disciplinary Decision
Jul 25, 2007 C02040016 Philippe N. Keyes Disciplinary Decision
Aug 17, 2006 C9B040059 Perpetual Securities, Inc., Cathy Y. Huang, and Youwei P. Xu Disciplinary Decision
Feb 10, 2005 C07030055 PAZ Securities, Inc. and Joseph Mizrachi Disciplinary Decision
May 3, 2005 C8A030062 Paul Zdzieblowski Disciplinary Decision
May 11, 2004 C01020014 Paul Joseph Benz Disciplinary Decision
Nov 1, 2001 C02000037 Paul John Hoeper Disciplinary Decision
Jul 24, 2017 2012034719701 APPEALED: Paul E. Taboada Disciplinary Decision
Mar 7, 2008 2005002570601 Paul Douglas Paratore Disciplinary Decision
Dec 14, 2009 2006004377701 Paul Bryan Zenke Disciplinary Decision
Feb 23, 2006 C01040010 Patrick Orvil Nugent Disciplinary Decision
Mar 27, 2014 SD-1975 Patrick Dukette Statutory Disqualification, Approvals
Jul 18, 2016 2012033351801 Paolo Franca Iida Disciplinary Decision
Oct 22, 1998 C9A960029 Pamela A. Hartsock Disciplinary Decision
Nov 27, 2002 C01000037 Pacific On-Line Trading & Securities, Inc., & Timothy Alan McAdams Disciplinary Decision
Jan 23, 1998 C3B960004 Otto M. Bruun Disciplinary Decision
Jan 25, 2017 SD-2062 Oppenheimer & Co., Inc. Statutory Disqualification, Approvals