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
Dec 17, 2014 SD-1802 Deutsche Bank Securities, Inc. Statutory Disqualification
Aug 5, 2011 20070094468 Dirk Allen Taylor Disciplinary Decision
Aug 6, 1999 C8B970010 District Business Conduct Committee For District No. 8, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Oct 2, 2008 2005001819101 Domestic Securities Inc. Disciplinary Decision
Jan 13, 1999 C10970003 Donald Clyde Bozzi Disciplinary Decision
Nov 3, 1998 C05930020 Donald R. Gates Disciplinary Decision
Jan 20, 1998 C02960031 Donna R. Roach Disciplinary Decision
Jul 10, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
Jul 27, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
Jul 29, 1998 C10960162 Douglas John Mangan Disciplinary Decision
Dec 12, 2005 C07040077 Dulce Maria Salaverria Disciplinary Decision
Sep 14, 2012 2007007792902 Edward S. Brokaw Disciplinary Decision
Jun 12, 1998 C9B950010 Eliezer Gurfel Disciplinary Decision
Jul 30, 2004 C06020003 Eric H. Dieffenbach and Michel A. Rooms Disciplinary Decision
Feb 19, 1998 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Dec 31, 1997 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
Jul 30, 2010 2007010306901 FCS Securities and Dale Kleinser Disciplinary Decision
Aug 5, 1997 C10950101 Forbes, Walsh, Kelly & Co., Inc., & Robert E. Kelly Disciplinary Decision
Feb 24, 2005 C3A030017 Fox & Company Investments, Inc. and James W. Moldermaker Disciplinary Decision
Jan 6, 2017 2012030724101 Fox Financial Management Corporation, Brian A. Murphy, James E. Rooney, Jr. Disciplinary Decision
Feb 9, 1999 C06950029 Frank J. Ingersoll Disciplinary Decision
Nov 13, 2003 CAF000013 Frank J. Skelly, III and Craig H. Gross Disciplinary Decision
Nov 22, 2004 CAF030008 Frank Peter Quattrone Disciplinary Decision
Jan 3, 2002 C07000033 Franklyn Ross Michelin & L.H. Ross & Co., Inc. Disciplinary Decision
Sep 25, 2015 2012034211301 APPEALED: Fuad Ahmed Disciplinary Decision

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