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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. Title Type
March 10, 2021 2018059545201 APPEALED: Robert Juan Escobio Disciplinary Decision
February 09, 2021 SD-2243 Wells Fargo Securities, LLC Statutory Disqualification, Approvals
December 22, 2020 2016050205901 Charles A. Laverty Disciplinary Decision
December 17, 2020 2015044782401 APPEALED: Robbi J. Jones and Kipling Jones & Company, Ltd. Disciplinary Decision
December 17, 2020 2017055608101 Kapil Maheshwari Disciplinary Decision
October 28, 2020 SD-2226 Zachary S. Brodt Statutory Disqualification, Approvals
September 21, 2020 2014039174202 Steven E. Larson Disciplinary Decision
September 18, 2020 2015043646501 APPEALED: Eric S. Smith Disciplinary Decision
September 17, 2020 2016050938301 APPEALED: Michael Joseph Clarke Disciplinary Decision
June 29, 2020 2014042606902 APPEALED: Silver Leaf Partners, LLC Disciplinary Decision
June 23, 2020 2014041860801 Sandlapper Securities, LLC, Trevor Lee Gordon, and Jack Charles Bixler Disciplinary Decision
June 15, 2020 2014041868001 Dennis A. Mehringer, Jr. Disciplinary Decision
June 15, 2020 2015047005801 Brian Colin Doherty Disciplinary Decision
March 27, 2020 2009017440201r APPEALED: Louis Ottimo Disciplinary Decision
March 27, 2020 2015047303901 Linda C. Milberger Disciplinary Decision
March 27, 2020 2011027666902r Merrimac Corporate Securities, Inc. and Robert G. Nash Disciplinary Decision
March 16, 2020 2014043863001 Peter Orlando Disciplinary Decision
December 19, 2019 2012032731802 APPEALED: Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley Disciplinary Decision
December 19, 2019 SD-2246 Banca IMI Securities Corp. Statutory Disqualification, Approvals
December 17, 2019 SD-2121 Interactive Brokers LLC Statutory Disqualification, Approvals
December 16, 2019 2015045456401 David O. Braeger Disciplinary Decision
December 11, 2019 SD-2186 Joseph Campo with Moelis & Company, LLC Statutory Disqualification, Approvals
December 11, 2019 2015046631101 Robert R. Tweed Disciplinary Decision
December 10, 2019 2013035865303 Spencer Edwards, Inc. Disciplinary Decision
October 02, 2019 2014040476901 C.L. King & Associates, Inc. and Gregg Alan Miller Disciplinary Decision