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 01, 2006 SD06005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2006 SD06010 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2006 SD06015 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 2006 SD06007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
December 30, 2005 CAF030042 In the Matter of Department of Enforcement, Complainant vs. Respondent Disciplinary Decision, Redacted Decision
December 28, 2005 C02040016 Philippe N. Keyes Disciplinary Decision
December 12, 2005 C07040077 Dulce Maria Salaverria Disciplinary Decision
December 07, 2005 C11040006 Justin F. Ficken Disciplinary Decision
December 07, 2005 C10030088 Andrew P. Schneider Disciplinary Decision
October 27, 2005 C8A030099 Timothy J. Duma Disciplinary Decision
October 18, 2005 C8A030078 Scott E. Wiard & James D. Reisinger Disciplinary Decision
October 12, 2005 CMS030257 In the Matter of Department of Market Regulation, Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
October 11, 2005 C8A030089 Joseph Rogala Disciplinary Decision
October 03, 2005 FPI040002 Ryan & Company, LP and Scott W. Ryan Disciplinary Decision
September 30, 2005 CMS040165 In the Matter of Department of Market Regulation, Complainant, vs.[Respondent Firm], et al. Attorney Disqualification Ruling
September 06, 2005 C01040001 Department of Enforcement, Complainant, vs. Respondent Firm and Respondent Disciplinary Decision, Redacted Decision
August 31, 2005 CMS020247 Terrance Yoshikawa Disciplinary Decision
June 17, 2005 CMS040165 In the Matter of Department of Market Regulation, Complainant, vs.[Respondent Firm], et al. Attorney Disqualification Ruling
June 14, 2005 CAF010011 J. Alexander Sec., Inc., Richard Newberg, James Alexander Disciplinary Decision
June 09, 2005 CMS030181 In the Matter of Department of Market Regulation, Complainant, vs. Respondent Disciplinary Decision, Redacted Decision
May 25, 2005 C10030110 Ram Kapara Disciplinary Decision
May 24, 2005 C02020057 Alvin W. Gebhart, Jr. and Donna T. Gebhart Disciplinary Decision
May 18, 2005 C8A030068 Todd Grafenauer Disciplinary Decision
May 18, 2005 CMS030269 Anthony John Orlando, Jr. and Philip Anthony Orlando Disciplinary Decision
May 03, 2005 C8A030062 Paul Zdzieblowski Disciplinary Decision