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 |
|---|---|---|---|
| January 01, 1998 | SD98005 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| January 01, 1998 | SD98008 | In the Matter of the Association of X | Redacted Decision, Statutory Disqualification, Approvals |
| December 31, 1997 | C07930034 | Escalator Securities, Inc., & Howard A. Scala | Disciplinary Decision |
| December 29, 1997 | C3A950073 | In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent Firm 1, Respondent 2, and Respondent 3 | Disciplinary Decision, Redacted Decision |
| December 23, 1997 | CMS960247 | In the Matter of Market Regulation Committee, Complainant, vs. Respondent Firm 1 | Disciplinary Decision, Redacted Decision |
| December 22, 1997 | C9A970019 | Nicholas A. Rudi | Disciplinary Decision |
| December 17, 1997 | C01960003,C01960024 | L.H. Alton & Company & Lewis Hunt Alton | Disciplinary Decision |
| December 01, 1997 | CMS950042 | Victor H. Palma, Jr. | Disciplinary Decision |
| December 01, 1997 | CMS950042 | In the Matter of Market Regulation Committee Complainant, v. Respondent 1 | Disciplinary Decision, Redacted Decision |
| December 01, 1997 | C10960019 | David A. Blech | Disciplinary Decision |
| November 24, 1997 | C07950030 | In the Matter of Complainant 1, vs. Respondent Firm 1, and Respondent 2 | Disciplinary Decision, Redacted Decision |
| November 20, 1997 | C9A960030 | Brian L. Shegon | Disciplinary Decision |
| November 20, 1997 | C07960065 | Christopher K. Cutchens | Disciplinary Decision |
| November 20, 1997 | C10960116 | Ilana Abby Knapp | Disciplinary Decision |
| November 20, 1997 | C07960014 | In the Matter of District Business Conduct Committee for District No. 7 Complainant, vs. Respondent 1, and Respondent 2, and Respondent 3 | Disciplinary Decision, Redacted Decision |
| November 20, 1997 | C07960110 | Darren L. Klemp | Disciplinary Decision |
| November 18, 1997 | C3A960014 | In the Matter of District Business Conduct Committee for District No. 3 Complainant, vs. Respondent 1 | Disciplinary Decision, Redacted Decision |
| November 18, 1997 | C3A960014 | John Holland | Disciplinary Decision |
| November 05, 1997 | C01950010 | Ashton N. Gowadia | Disciplinary Decision |
| October 30, 1997 | C8A930048 | Miguel Angel Cruz | Disciplinary Decision |
| October 30, 1997 | C8A950030 | James Allen Merlen & City Securities Corporation | Disciplinary Decision |
| October 10, 1997 | C05960041 | In the Matter of District Business Conduct Committee for District No. 5, Complainant, vs. Respondent 1 | Disciplinary Decision, Redacted Decision |
| September 19, 1997 | C3A940064 | Aspen Capital Group, Inc., & Stephen Carlson | Disciplinary Decision |
| September 18, 1997 | C8A940073 | Steven Herbert Johansen | Disciplinary Decision |
| September 05, 1997 | C01960013 | In the Matter of District Business Conduct Committee for District No. 1, Complainant, vs. Respondent 1 | Disciplinary Decision, Redacted Decision |