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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
September 08, 2016 SD-2048 Citigroup Global Markets Inc. Statutory Disqualification
August 23, 2016 2011025675501 APPEALED: Kimberly Springsteen-Abbott Disciplinary Decision
August 03, 2016 2011025851501 APPEALED: KCD Financial, Inc. Disciplinary Decision
July 21, 2016 2010022601501 Jack Brian Weinstock Disciplinary Decision
July 20, 2016 SD-2044 Xavier Capdepon Statutory Disqualification, Denials
July 20, 2016 2009020465801 APPEALED: Keith D. Geary Disciplinary Decision
July 19, 2016 2011028502101 North Woodward Financial Corp. and Douglas A. Troszak Disciplinary Decision
July 18, 2016 2012034389202 APPEALED: Bernard G. McGee Disciplinary Decision
July 18, 2016 2012033351801 Paolo Franca Iida Disciplinary Decision
June 17, 2016 SD-2026 RBS Securities, Inc. Statutory Disqualification
May 20, 2016 SD-2027 APPEALED: Christopher Cota with Capital Financial Services, Inc. Statutory Disqualification, Denials
May 16, 2016 2010022977801 APPEALED: David B. Tysk Disciplinary Decision
May 09, 2016 SD-2069 APPEALED: Bruce Meyers with Meyers Associates, L.P. Statutory Disqualification, Denials
April 06, 2016 SD-2010 Michael C. Furman with Citigroup Global Markets, Inc. Statutory Disqualification, Approvals
March 07, 2016 2008011762801r APPEALED: Mitchell H. Fillet Disciplinary Decision
February 18, 2016 FPI150009 Gary James Lundgren Expedited Decision, Non-Summary Proceeding
December 29, 2015 2011029619301 APPEALED: Kenny Akindemowo Disciplinary Decision
December 22, 2015 2010025350001 Roric E. Griffith Disciplinary Decision
December 17, 2015 2010025181001 APPEALED: John Vincent Ballard Disciplinary Decision
December 17, 2015 2010024889501 William B. Fretz, Jr, John P. Freeman and The Keystone Equities Group, LP Disciplinary Decision
December 17, 2015 20110273503 Richard A. McGuire Disciplinary Decision
October 05, 2015 2009017899801 APPEALED: Rani T. Jarkas Disciplinary Decision
September 29, 2015 SD-2029 Bret M. Shapiro with Dawson James Securities, Inc. Statutory Disqualification, Denials
September 25, 2015 2012034211301 APPEALED: Fuad Ahmed Disciplinary Decision
September 25, 2015 2012032950101 APPEALED: Joseph R. Butler Disciplinary Decision