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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
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-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-045 Northland Securities, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-038 Joe Jolly & Co., 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-049 Comerica Securities, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-042 NW Capital Markets, Inc. Approvals, Statutory Disqualification
November 30, 2015 SD-MCDC-035 PNC Capital Markets LLC Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-048 The Frazer Lanier Company, Incorporated Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-039 Duncan-Williams, Inc. Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-043 BB&T Securities, LLC Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-040 Ross, Sinclaire & Associates Approvals, Statutory Disqualification
November 30, 2015 SD-MCDC-047 Crews & Associates, Inc.
Statutory Disqualification, Approvals
November 30, 2015 SD-MCDC-052 Prager & Co., LLC Statutory Disqualification
November 30, 2015 SD-MCDC-041 Fifth Third Securities, Inc. Statutory Disqualification, Approvals
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