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|
|Dec 17, 2015||2010024889501||William B. Fretz, Jr, John P. Freeman and The Keystone Equities Group, LP||Disciplinary Decision|
|Feb 21, 2014||2011029152401||William Bruce Smith||Disciplinary Decision|
|Oct 20, 2011||2005003610701||William J. Murphy, Carl M. Birkelbach, and Birkelbach Investment Securities, Inc.||Disciplinary Decision|
|Dec 29, 2014||2009019108901||APPEALED: William Scholander and Talman Harris||Disciplinary Decision, Redacted Decision|
|Mar 15, 2017||2011025444501||Wood (Arthur W.) Company, Inc.||Disciplinary Decision|
|Jul 20, 2016||SD-2044||Xavier Capdepon||Statutory Disqualification, Denials|