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.

Media: field_core_official_dt (year)
Date of Decision Proceeding No. Title Type
January 06, 2023 2018058924502 Adam James Makkai Disciplinary Decision
December 29, 2022 2017053462401 Robert Henderson Disciplinary Decision
December 21, 2022 SD-2294 Heath Butler Statutory Disqualification, Denials
October 18, 2022 2017052760001 APPEALED: Nancy Kimball Mellon Disciplinary Decision
October 17, 2022 SD-2311 William John Tobias Statutory Disqualification, Approvals
October 13, 2022 2020065128501 APPEALED: Wilfredo Felix, Jr. Disciplinary Decision
October 06, 2022 2013037522501r APPEALED: Trevor Michael Saliba Disciplinary Decision
October 03, 2022 SD-2238 APPEALED: Matthew Iverson Statutory Disqualification, Denials
September 23, 2022 SD-2265 APPEALED: Laurence Allen Statutory Disqualification, Denials
June 02, 2022 2019063570502 APPEALED: Matthew R. Logan Disciplinary Decision
March 28, 2022 SD-2296 Bolton Securities Corporation Statutory Disqualification, Approvals
March 16, 2022 2016047565702r APPEALED: Dakota Securities International, Inc. and Bruce Martin Zipper Disciplinary Decision
December 16, 2021 2016051615301 Partho S. Ghosh Disciplinary Decision
December 16, 2021 2018059510201 APPEALED: Thomas John Lykos, Jr. Disciplinary Decision
December 15, 2021 2016052104101 APPEALED: Devin Lamarr Wicker Disciplinary Decision
December 01, 2021 SD-2277 Peter R. Serra with Joseph Gunnar & Co. LLC Statutory Disqualification, Approvals
October 25, 2021 SD-2279 Todd Wyche with San Blas Securities, LLC Statutory Disqualification, Approvals
October 21, 2021 SD-2259 Avery F. Byrd with San Blas Securities, LLC Statutory Disqualification, Approvals
October 07, 2021 SD-2242 Robert J. Greene, Jr. with Vanderbilt Securities Statutory Disqualification, Approvals
October 07, 2021 2016051493704 Jorge A. Reyes Disciplinary Decision
October 06, 2021 2018056848101 APPEALED: Thomas Lee Johnson Disciplinary Decision
October 06, 2021 2016049565901 APPEALED: Glendale Securities, Inc., George Alberto Castillo, Paul Eric Flesche, Albert Raymond Laubenstein and Jose Miguel Abadin Disciplinary Decision
September 30, 2021 2017054405401 APPEALED: William Joseph Kielczewski Disciplinary Decision
September 27, 2021 2017053428201 APPEALED: DreamFunded Marketplace Disciplinary Decision
August 31, 2021 ARB210001 Geoffrey Garratt Expedited Decision