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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
May 26, 2017 2011027666902 APPEALED: Merrimac Corporate Securities, Inc., and Robert G. Nash Disciplinary Decision
May 16, 2017 SD-2103 Marc N. Jaffe as a General Securities Representative with Integrity Brokerage Services, Inc. Statutory Disqualification, Denials
May 12, 2017 2012034936101 Jeffrey D. Noard Disciplinary Decision
May 02, 2017 SD-2082 Citigroup Global Markets, Inc. Statutory Disqualification, Approvals
April 26, 2017 SD-2063 Macquarie Capital (USA) Inc. Statutory Disqualification, Approvals
April 21, 2017 SD-2122 Brian Mulkeen with TFS Securities, Inc. Approvals, Statutory Disqualification
April 05, 2017 SD-2074, SD-2075 Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Merrill Lynch Professional Clearing Corporation
Statutory Disqualification, Approvals
March 24, 2017 SD-2099 Great Point Capital LLC Statutory Disqualification, Approvals
March 23, 2017 SD-2138 Sandra M. Logay with Mid Atlantic Capital Corporation Statutory Disqualification, Approvals
March 23, 2017 2014040968501 APPEALED: Ahmed Gadelkareem Disciplinary Decision
March 23, 2017 SD-2120 Alexander Bastron with Cambridge Investment Research Statutory Disqualification, Approvals
March 16, 2017 2013035211801 APPEALED: David Adam Elgart Disciplinary Decision
March 15, 2017 2010025087302 APPEALED: Thaddeus J. North Disciplinary Decision
March 15, 2017 2011025444501 Wood (Arthur W.) Company, Inc. Disciplinary Decision
March 15, 2017 2009017440201 APPEALED: Louis Ottimo Disciplinary Decision
March 13, 2017 2011027926301 Matthew Joseph Sheerin Disciplinary Decision
March 08, 2017 SD-2117 Craig Scott Taddonio as a General Securities Representative with Meyers Associates, L.P. (n/k/a Windsor Street Capital, LP) Statutory Disqualification
February 09, 2017 SD-2125 Alfred G. Block with Buckman, Buckman and Reid, Inc. Statutory Disqualification, Approvals
January 25, 2017 SD-2062 Oppenheimer & Co., Inc. Statutory Disqualification, Approvals
January 13, 2017 2013036799501 J. Michael Casas Disciplinary Decision
January 13, 2017 2011026346206 Jaoshiang Luo Disciplinary Decision
January 10, 2017 2012033362101 Thomas Edmund Connors Disciplinary Decision
January 06, 2017 2012030724101 Fox Financial Management Corporation, Brian A. Murphy, James E. Rooney, Jr. Disciplinary Decision
January 04, 2017 2014041319201 Miguel Ortiz Disciplinary Decision
October 20, 2016 SD-2071 PHX Financial, Inc. Statutory Disqualification, Approvals