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
Aug 15, 2008 E1020040926-01 America First Associates Corp. and Joseph Ricupero Disciplinary Decision
Aug 20, 2008 E8A2002109804 Joseph A. Zaragoza Disciplinary Decision
Aug 13, 2008 E8A2003091501 Roy M. Strong Disciplinary Decision
Apr 23, 2010 E8A2004072203 Jonathan M. Skiba Disciplinary Decision
Dec 27, 2007 E8A2004095901 Jason A. Craig Disciplinary Decision
Dec 10, 2008 E8A2005014902 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Feb 20, 2008 E8A20050252 CMG Institutional Trading, LLC and Shawn D. Baldwin Disciplinary Decision
Feb 24, 2009 E9A2002010501 Kevin M. Glodek Disciplinary Decision
Jul 10, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
Jul 27, 2007 E9A2004001901 Douglas J. Toth Disciplinary Decision
Dec 16, 2008 E9A2004048801 Brian J. Kelly Disciplinary Decision
Apr 30, 2008 E9B2003026301 Carl Martin Trevisan Disciplinary Decision
Jul 30, 2009 E9B2003033701 Keith Howard Medeck Disciplinary Decision
Feb 25, 2009 EAF0400300001 Kirlin Securities, Inc., Anthony J. Kirincic, David O. Lindner and Andrew J. Israel Disciplinary Decision
Aug 18, 2010 EAF0400630001 Kevin L. Cohen, Dennis S. Kaminski, and Gari C. Sanfilippo Disciplinary Decision
Apr 6, 2009 ELI2004026701 Iftikhar Ul Haq Disciplinary Decision
May 21, 2003 FPI010004 Toni Valentino Disciplinary Decision
Aug 11, 2003 FPI020002 Bret Steinhart Disciplinary Decision
Oct 3, 2005 FPI040002 Ryan & Company, LP and Scott W. Ryan Disciplinary Decision
Feb 18, 2016 FPI150009 Gary James Lundgren Expedited Decision, Non-Summary Proceeding
Sep 29, 2014 M00010005 In the Matter of the Membership Continuance Application of The Firm Membership Decision, Redacted Decision
May 4, 2015 M00010006 APPEALED: In the Matter of the New Membership Application Firm X Membership Decision, Redacted Decision
Jan 1, 2009 n/a In the Matter of Corporation K OTCBB, Redacted Decision
Jun 29, 1998 No Complaint Number Carlisle Investment Group, Ltd. Disciplinary Decision
Jan 16, 2014 SD-1750 Joseph Popp Statutory Disqualification

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