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
Nov 18, 1997 C3A960014 John Holland Disciplinary 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
Jul 7, 1999 C3A960029 Kevin D. Kunz & Kunz & Cline Inc. Management, Inc. Disciplinary Decision
Jul 8, 1999 C3A960033 Brian Prendergast Disciplinary Decision
Mar 12, 1998 C3A960040 Cindy M. Goldberg Disciplinary Decision
May 13, 1998 C3A960040 In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Jan 26, 1999 C3A970026 In the Matter of District Business Conduct Committee For District No. 3 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Jun 15, 1999 C3A970031 Daniel S. Hellen Disciplinary Decision
Apr 18, 2000 C3A980069 Michael A. Usher Disciplinary Decision
Nov 16, 2000 C3A990050 Jim Newcomb Disciplinary Decision
Aug 9, 2004 C3B020013 Christopher R. Van Dyk Disciplinary Decision
Sep 7, 2004 C3B020015 Davrey Financial Services, Inc. Disciplinary Decision
Jan 4, 2008 C3B050012 Ronald Pellegrino Disciplinary Decision
Jul 25, 1997 C3B940028 Investment Management & Research, Inc., Milton Anthony Greene, Kenneth Craig Krull, & Michael John DiGirolamo Disciplinary Decision
Jan 23, 1998 C3B960004 Otto M. Bruun Disciplinary Decision
Jan 21, 1999 C3B960026 Gerald Cash McNeil Disciplinary Decision
Mar 27, 2002 C8A000059 Roger A. Hanson Disciplinary Decision
Oct 17, 2002 C8A010020 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
Dec 15, 2003 C8A020014 Brad A. Roethlisberger Disciplinary Decision
May 3, 2005 C8A030062 Paul Zdzieblowski Disciplinary Decision
May 18, 2005 C8A030068 Todd Grafenauer Disciplinary Decision
Oct 18, 2005 C8A030078 Scott E. Wiard & James D. Reisinger Disciplinary Decision
Oct 11, 2005 C8A030089 Joseph Rogala Disciplinary Decision
Oct 27, 2005 C8A030099 Timothy J. Duma Disciplinary Decision
Dec 18, 2006 C8A040079 Gregory R. Masceri Disciplinary Decision

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