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. | Title | Type |
|---|---|---|---|
| October 01, 2025 | 2021071094401 | John E. Pelletier | Disciplinary Decision |
| September 30, 2025 | 2020066079903 | Jose L. Centeno | Disciplinary Decision |
| September 24, 2025 | 2016049565901r | Paul Eric Flesche | Disciplinary Decision |
| July 10, 2025 | 2012032731802r | APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley | Disciplinary Decision |
| July 08, 2025 | SD-2383 | TCFG Wealth Management, LLC | Statutory Disqualification, Approvals |
| July 08, 2025 | SD-2384 | Richard Roberts | Statutory Disqualification, Approvals |
| June 17, 2025 | 2019061942901 | APPEALED: Michael Ciro Colletti | Disciplinary Decision |
| June 06, 2025 | 2014039285401r | Southeast Investments, N.C., Inc. and Frank Harmon Black | Disciplinary Decision |
| May 09, 2025 | SD-2382 | J.H. Darbie & Co., Inc. | Statutory Disqualification, Approvals |
| March 25, 2025 | 2019061232601 | APPEALED: Alpine Securities Corporation | Disciplinary Decision |
| March 11, 2025 | 2015046631101r | Robert R. Tweed | Disciplinary Decision |
| December 09, 2024 | 2020065396501 | Peter J. Fetherston | Disciplinary Decision |
| October 09, 2024 | 2019061528001 | APPEALED: Spartan Capital Securities, LLC, John D. Lowry, and Kim M. Monchik | Disciplinary Decision |
| October 03, 2024 | 2020066627202 | APPEALED: Suzanne Marie Capellini | Disciplinary Decision |
| September 23, 2024 | ARB240006 | Stephen Walter Pendergast | Expedited Decision |
| April 08, 2024 | SD-2352 | Cetera Advisors LLC | Statutory Disqualification, Approvals |
| April 08, 2024 | SD-2351 | Cetera Advisor Networks LLC | Statutory Disqualification, Approvals |
| April 08, 2024 | 2019064813801 | APPEALED: NYPPEX, LLC, Laurence Allen, and Michael Schunk | Disciplinary Decision |
| March 14, 2024 | 2019064656601 | APPEALED: Charles Scott Burford | Disciplinary Decision |
| December 05, 2023 | SD-2330 | Joao M. Valente | Statutory Disqualification, Approvals |
| October 25, 2023 | SD-2325 | BTIG, LLC | Statutory Disqualification, Approvals |
| September 28, 2023 | 2018057235801 | APPEALED: Megurditch Patatian | Disciplinary Decision |
| September 21, 2023 | M00010008 | In the Matter of the Continuing Membership Application of Firm A | Membership Decision, Redacted Decision |
| September 15, 2023 | SD-2315 | Halifax America LLC | Statutory Disqualification, Approvals |
| June 16, 2023 | SD-2295 | Allen B. Holeman with David Lerner Associates. Inc. | Statutory Disqualification, Approvals |