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 ascending Proceeding No. Title Type
Oct 21, 2010 2006005696601 Westrock Advisors, Inc. Disciplinary Decision
Oct 15, 2010 2007008358101 Vincent P. McCrudden Disciplinary Decision
Oct 8, 2010 2005000879302 Legacy Trading Co., LLC and Mark Alan Uselton Disciplinary Decision
Oct 8, 2010 2008012026601 CMG Institutional Trading, LLC and Shawn D. Baldwin Disciplinary Decision
Sep 28, 2010 20090182345 In the Matter of the New Membership Application of Firm A Membership Decision
Aug 19, 2010 2006003834901 Moustafa M. Zayed Disciplinary Decision
Aug 18, 2010 EAF0400630001 Kevin L. Cohen, Dennis S. Kaminski, and Gari C. Sanfilippo Disciplinary Decision
Aug 18, 2010 20090173549 In the Matter of the Membership Continuance Application of Applicant Firm A Membership Decision
Jul 30, 2010 2007010306901 FCS Securities and Dale Kleinser Disciplinary Decision
Jul 26, 2010 2005000835801 Harry Friedman Disciplinary Decision
May 10, 2010 2005003188901 Richard G. Cody Disciplinary Decision
May 3, 2010 2006006890801 CMG Institutional Trading LLC and Shawn D. Baldwin Disciplinary Decision
Apr 23, 2010 E8A2004072203 Jonathan M. Skiba Disciplinary Decision
Mar 3, 2010 CLGO50021 John Patrick Leighton and Kenneth D. Pasternak Disciplinary Decision
Feb 26, 2010 2005001729501 Gerald J. Kesner Disciplinary Decision
Feb 25, 2010 2006003738501 Mission Securities Corporation and Craig M. Biddick Disciplinary Decision
Jan 1, 2010 SD10005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2010 SD10003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2010 SD10002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2010 SD10004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2010 SD10006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2010 SD10001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Dec 18, 2009 2006006192901 Denis William Kraemer, Jr. Disciplinary Decision
Dec 16, 2009 E072005017201 John B. Busacca, III Disciplinary Decision
Dec 14, 2009 2006004377701 Paul Bryan Zenke Disciplinary Decision

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