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 ascending Type
Jul 21, 2014 2010021303301 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Jul 19, 2016 2011028502101 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
Nov 11, 1998 C8A960094 Norman M. Merz Disciplinary Decision
Jul 26, 2012 2008015105601 Nolan Wayne Moore Disciplinary Decision
Aug 7, 2006 CMS040069 Nicholas R. Sciascia Disciplinary Decision
Dec 22, 1997 C9A970019 Nicholas A. Rudi Disciplinary Decision
May 23, 2018 2012030564701 Newport Coast Securities, Inc., Andre La Barbera, Douglas Leone Disciplinary Decision
Jul 28, 1998 C02970027 Nancy H. Martin Disciplinary Decision
Apr 15, 2011 20100226181 NAC Redacted Membership Decision 20100226181 Membership Decision
Nov 30, 2010 20090196759 NAC Redacted Membership Decision 20090196759 Membership Decision
Jul 31, 2007 20060058633 NAC Redacted Membership Decision 20060058633 Membership Decision
Aug 19, 2010 2006003834901 Moustafa M. Zayed Disciplinary Decision
Dec 18, 2006 C9B040080 Morton Bruce Erenstein Disciplinary Decision
Nov 28, 2017 SD-2147 Morgan Stanley Smith Barney Statutory Disqualification, Approvals
Jul 29, 2002 CAF000045 Morgan Stanley DW Inc., et al. Disciplinary Decision
Jan 18, 2000 CMS960235 Morgan Stanley & Co., Inc., Thomas Anthony Crocamo, Carl DeFelice, Joseph Louis Ferrarese, Peter William Ferriso, Jr., Robert Scott Ranzman, Charles McMichael Simonds, & David Robert Slaine Disciplinary Decision
Jul 2, 1998 C01970012 Monterey Bay Securities, Inc., & Kenneth Mark Doolittle Disciplinary Decision
Jul 9, 1998 C01970012 Monterey Bay Securities, Inc., & Kenneth Mark Doolittle Disciplinary Decision
Feb 19, 2014 SD-1812 Mitchell T. Toland Statutory Disqualification, Denials
Oct 2, 2013 2008011762801 Mitchell H. Fillet Disciplinary Decision
Mar 7, 2016 2008011762801r APPEALED: Mitchell H. Fillet Disciplinary Decision
Feb 25, 2010 2006003738501 Mission Securities Corporation and Craig M. Biddick Disciplinary Decision
Jan 4, 2017 2014041319201 Miguel Ortiz Disciplinary Decision
Oct 30, 1997 C8A930048 Miguel Angel Cruz Disciplinary Decision
Mar 3, 2011 2005000075703 Midas Securities, LLC, World Trade Financial Corporation, Jason Troy Adams, Frank Edward Brickell, Jay S. Lee, and Rodney Preston Michel Disciplinary Decision

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