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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
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-052 Prager & Co., LLC Statutory Disqualification
November 30, 2015 SD-MCDC-047 Crews & Associates, Inc.
Statutory Disqualification, Approvals
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
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 2012032950101 APPEALED: Joseph R. Butler Disciplinary Decision
September 25, 2015 2012034211301 APPEALED: Fuad Ahmed Disciplinary Decision
August 10, 2015 SD-MCDC-034 Stifel, Nicolaus & Company, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-008 RBC Capital Markets, LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-021 Davenport & Company LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-007 Stephens Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-020 City Securities Corporation Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-015 Wells Nelson & Associates, LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-006 Bernardi Securities, Inc. Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-017 Martin Nelson & Co., Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-022 First National Capital Markets, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-019 BNY Mellon Capital Markets, LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-031 Citigroup Global Markets Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-026 Goldman, Sachs & Co. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-025 Oppenheimer & Co. Inc. Statutory Disqualification, Approvals