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
Aug 22, 1997 CMS920002 Warren R. Schreiber & Marian S. Gargano Disciplinary Decision
Apr 6, 2000 C07960105 Wayne B. Vaughan Disciplinary Decision
Oct 22, 1998 C07960105 Wayne B. Vaughan Disciplinary Decision
Dec 11, 2014 20070094044 APPEALED: Wedbush Securities, Inc. and Edward William Wedbush Disciplinary Decision
Oct 2, 2014 SD-1798 Wells Fargo Advisors, LLC Statutory Disqualification, Approvals
Aug 13, 2002 C05010012 Wendell D. Belden Disciplinary Decision
Oct 21, 2010 2006005696601 Westrock Advisors, Inc. Disciplinary Decision
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

Pages