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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
March 24, 2016 SD-MCDC-054 D.A. Davidson & Co. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-063 Keybanc Capital Markets Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-058 Mitsubishi UFJ Securities (USA), Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-059 Barclays Capital Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-056 T.D. Securities (USA) LLC Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-053 Boenning & Scattergood, Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-061 Municipal Capital Markets Group, 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 24, 2015 SD-2003 Middlebury Securities, LLC Statutory Disqualification, Approvals
December 22, 2015 2010025350001 Roric E. Griffith 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
December 17, 2015 2010025181001 APPEALED: John Vincent Ballard Disciplinary Decision
November 30, 2015 SD-MCDC-041 Fifth Third Securities, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-051 UBS Financial Services Inc. Approvals, Statutory Disqualification
November 30, 2015 SD-MCDC-037 Mesirow Financial, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-046 Ameritas Investment Corp. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-038 Joe Jolly & Co., Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-045 Northland Securities, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-044 Estrada Hinojosa & Company, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-050 Edward D. Jones & Co., L.P. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-036 J.J.B. Hilliard, W.L. Lyons, LLC Approvals, Statutory Disqualification
November 30, 2015 SD-MCDC-042 NW Capital Markets, Inc. Approvals, Statutory Disqualification