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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
July 18, 2016 2012034389202 APPEALED: Bernard G. McGee Disciplinary Decision
July 18, 2016 2012033351801 Paolo Franca Iida Disciplinary Decision
July 15, 2016 SD-2096 Louis A. Woolf with Voya Financial Advisors, Inc. Statutory Disqualification, Approvals
June 17, 2016 SD-2026 RBS Securities, Inc. Statutory Disqualification
June 08, 2016 SD-2088 James D. Goodland with Spire Securities LLC Statutory Disqualification, Approvals
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 24, 2016 SD-MCDC-060 First Midstate, Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-062 Roosevelt & Cross, Inc. Statutory Disqualification, Approvals
March 24, 2016 SD-MCDC-059 Barclays Capital Inc. Statutory Disqualification, Approvals
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-055 Hilltop Securities, 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 24, 2016 SD-MCDC-064 Jefferies LLC
Approvals, Statutory Disqualification
March 24, 2016 SD-MCDC-057 Janney Montgomery Scott LLC 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