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 |
|---|---|---|---|
| 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-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 |
| August 10, 2015 | SD-MCDC-028 | Piper Jaffray & Co. | Statutory Disqualification, Approvals |
| August 10, 2015 | SD-MCDC-029 | Sterne, Agee & Leach, Inc. | Statutory Disqualification, Approvals |
| August 10, 2015 | SD-MCDC-010 | Central States Capital Markets, LLC | Approvals, Statutory Disqualification |
| August 10, 2015 | SD-MCDC-023 | Smith Hayes Financial Services Corporation | Statutory Disqualification, Approvals |
| July 28, 2015 | 2009016159102 | Warren Forest | Disciplinary Decision |
| July 27, 2015 | 2011027993301 | APPEALED: Michael Earl McCune | Disciplinary Decision |
| July 23, 2015 | 2009016317701 | James E. Rooney, Jr. | Disciplinary Decision |
| July 16, 2015 | 2012032997201 | APPEALED: Stephen Grivas | Disciplinary Decision |