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 Decisionsort ascending Proceeding No. Title Type
Nov 20, 1997 C9A960030 Brian L. Shegon Disciplinary Decision
Nov 20, 1997 C10960116 Ilana Abby Knapp Disciplinary Decision
Nov 20, 1997 C07960110 Darren L. Klemp Disciplinary Decision
Nov 20, 1997 C07960065 Christopher K. Cutchens 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
Nov 18, 1997 C3A960014 John Holland Disciplinary Decision
Nov 5, 1997 C01950010 Ashton N. Gowadia Disciplinary Decision
Oct 30, 1997 C8A950030 James Allen Merlen & City Securities Corporation Disciplinary Decision
Oct 30, 1997 C8A930048 Miguel Angel Cruz Disciplinary Decision
Oct 10, 1997 C05960041 In the Matter of District Business Conduct Committee for District No. 5, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Sep 19, 1997 C3A940064 Aspen Capital Group, Inc., & Stephen Carlson Disciplinary Decision
Sep 18, 1997 C8A940073 Steven Herbert Johansen Disciplinary Decision
Sep 5, 1997 C01960013 In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 28, 1997 C05950018 John M.W. Crute, Jr. Disciplinary Decision
Aug 28, 1997 C02950053 Michael Edgar Goldstein, Jeffrey B. Goodman, Jason Scott Neu, William Reininger, & Joseph Patrick Hannan Disciplinary Decision
Aug 28, 1997 C05950018 In the Matter of District Business Conduct Committee For District No. 5 Complainant, v. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 28, 1997 C01950021 In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Aug 22, 1997 CMS920002 Warren R. Schreiber & Marian S. Gargano Disciplinary Decision
Aug 22, 1997 C8A960074 In the Matter of District Business Conduct Committee For District No. 8 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
Aug 12, 1997 CMS950129 Vladislav Steven Zubkis Disciplinary Decision
Aug 11, 1997 C01960005 Clyde Joseph Bruff Disciplinary Decision
Aug 5, 1997 C9A960002 Shamrock Partners, Ltd. & James T. Kelly Disciplinary Decision
Aug 5, 1997 C10950101 Forbes, Walsh, Kelly & Co., Inc., & Robert E. Kelly Disciplinary Decision
Aug 5, 1997 C10950101 In the Matter of District Business Conduct Committee For District No. 10 Complainant, v. Respondent Firm 1 and Respondent 2 Disciplinary Decision, Redacted Decision
Jul 28, 1997 C9B950014 Michael R. Euripides Disciplinary Decision

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