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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 25, 2015 2012034211301 APPEALED: Fuad Ahmed Disciplinary Decision
August 10, 2015 SD-MCDC-002 George K. Baum & Company Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-033 Merrill Lynch, Pierce, Fenner & Smith Inc. Statutory Disqualification, Approvals
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-004 Robert W. Baird & Co. Incorporated Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-012 Wiliam Blair & Company LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-020 City Securities Corporation Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-013 Siebert, Brandford, Shank & Co., LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-006 Bernardi Securities, Inc. Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-027 L.J. Hart and Company, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-011 Dougherty & Company LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-024 Hutchinson, Shockey, Erley & Co. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-003 Raymond James & Associates, Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-026 Goldman, Sachs & Co. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-030 Morgan Stanley & Co. LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-007 Stephens Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-015 Wells Nelson & Associates, LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-010 Central States Capital Markets, LLC Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-017 Martin Nelson & Co., Inc. Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-005 The Baker Group, LP Approvals, Statutory Disqualification
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-032 J.P. Morgan Securities LLC Statutory Disqualification, Approvals