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 30, 1997 C8A930048 Miguel Angel Cruz Disciplinary Decision
Oct 30, 1997 C8A950030 James Allen Merlen & City Securities Corporation Disciplinary Decision
Oct 10, 1997 C05960041 In the Matter of District Business Conduct Committee for District No. 5, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Sep 19, 1997 C3A940064 Aspen Capital Group, Inc., & Stephen Carlson Disciplinary Decision
Sep 18, 1997 C8A940073 Steven Herbert Johansen Disciplinary Decision
Sep 5, 1997 C01960013 In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 28, 1997 C05950018 In the Matter of District Business Conduct Committee For District No. 5 Complainant, v. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 28, 1997 C01950021 In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Aug 28, 1997 C05950018 John M.W. Crute, Jr. Disciplinary Decision
Aug 28, 1997 C02950053 Michael Edgar Goldstein, Jeffrey B. Goodman, Jason Scott Neu, William Reininger, & Joseph Patrick Hannan Disciplinary Decision
Aug 22, 1997 C8A960074 In the Matter of District Business Conduct Committee For District No. 8 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 22, 1997 CMS920002 Warren R. Schreiber & Marian S. Gargano Disciplinary Decision
Aug 12, 1997 CMS950129 Vladislav Steven Zubkis Disciplinary Decision
Aug 11, 1997 C01960005 Clyde Joseph Bruff Disciplinary Decision
Aug 5, 1997 C10950101 In the Matter of District Business Conduct Committee For District No. 10 Complainant, v. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Aug 5, 1997 C9A960002 Shamrock Partners, Ltd. & James T. Kelly Disciplinary Decision
Aug 5, 1997 C10950101 Forbes, Walsh, Kelly & Co., Inc., & Robert E. Kelly Disciplinary Decision
Jul 28, 1997 C9B950014 Michael R. Euripides Disciplinary Decision
Jul 25, 1997 C3B940028 Investment Management & Research, Inc., Milton Anthony Greene, Kenneth Craig Krull, & Michael John DiGirolamo Disciplinary Decision
Jul 3, 1997 C10930044 Leonard John Ialeggio Disciplinary Decision
Jun 5, 1997 CMS950087 Kevin Eric Shaughnessy Disciplinary Decision
Jan 1, 1997 SD97004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97005 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals

Pages