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.sort descending Title Type
Apr 20, 2000 C10970141 Marlowe Robert Walker, III Disciplinary Decision
Feb 5, 2001 C10970145 Michael Galasso, Jr., Gerard McMahon, John Montelbano, Dwayne Leverett, & Todd Nejaime Disciplinary Decision
Apr 9, 1999 C10970156 Andrew D. Schiff Disciplinary Decision
Jun 14, 1999 C10970176 Robert Fitzpatrick Disciplinary Decision
Nov 13, 2000 C10970176 Robert Fitzpatrick Disciplinary Decision
Dec 18, 2000 C10990014 Stephen Earl Prout Disciplinary Decision
Nov 17, 2000 C10990024 Averell Golub Disciplinary Decision
Dec 7, 2005 C11040006 Justin F. Ficken Disciplinary Decision
Nov 16, 2000 C11970032 Daniel Richard Howard Disciplinary Decision
May 19, 2003 C3A010009 Mark H. Love Disciplinary Decision
Feb 19, 2004 C3A010036 Castle Securities Corp. & Michael Studer Disciplinary Decision
Dec 15, 2003 C3A010045 Investment Management Corp. and Kevin D. Kunz Disciplinary Decision
Dec 5, 2003 C3A020013 Joseph J. Vastano, Jr. Disciplinary Decision
Feb 24, 2005 C3A030017 Fox & Company Investments, Inc. and James W. Moldermaker Disciplinary Decision
Jan 3, 2007 C3A040001 Charles A. DaCruz and Thomas J. Linda Disciplinary Decision
Jan 23, 2007 C3A040023 John M. Meyers and Brian C. Klein Disciplinary Decision
Feb 15, 2007 C3A050003 Kenneth Christopher Shelley Disciplinary Decision
Sep 19, 1997 C3A940064 Aspen Capital Group, Inc., & Stephen Carlson Disciplinary Decision
Jun 4, 1999 C3A950031 In the Matter of District Business Conduct Committee For District No. 3 Complainant, vs. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Dec 29, 1997 C3A950073 In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent Firm 1, Respondent 2, and Respondent 3 Disciplinary Decision, Redacted Decision
Jun 10, 1998 C3A960009 In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent Firm and Mr. Robert L. Stevens Disciplinary Decision, Redacted Decision
Nov 18, 1997 C3A960014 In the Matter of District Business Conduct Committee for District No. 3 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Nov 18, 1997 C3A960014 John Holland Disciplinary Decision
Jul 7, 1999 C3A960029 Kevin D. Kunz & Kunz & Cline Inc. Management, Inc. Disciplinary Decision
Jul 8, 1999 C3A960033 Brian Prendergast Disciplinary Decision

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