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
Oct 2, 2018 2014042291901 APPEALED: Gopi Krishna Vungarala Disciplinary Decision
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
Mar 7, 2019 SD-2148 Guy Wyser-Pratte Statutory Disqualification, Denials
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
Jul 28, 2006 C9B040069 Howard Brett Berger Disciplinary Decision
Aug 16, 2000 CAF980005 Howard R. Perles & Laurence M. Geller Disciplinary Decision
Dec 17, 2013 2008016437801 Hugh Vincent Murray III Disciplinary Decision
Sep 14, 1998 C07960096 Hunter International Securities, Inc., & Louis N. Nizza, Jr. Disciplinary Decision
Apr 6, 2009 ELI2004026701 Iftikhar Ul Haq Disciplinary Decision
Nov 20, 1997 C10960116 Ilana Abby Knapp Disciplinary Decision
Nov 24, 1997 C07950030 In the Matter of Complainant 1, vs. Respondent Firm 1, and Respondent 2 Disciplinary Decision, Redacted Decision
Jan 1, 2009 n/a In the Matter of Corporation K OTCBB, Redacted Decision