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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
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
August 10, 2015 SD-MCDC-005 The Baker Group, LP Approvals, Statutory Disqualification
August 10, 2015 SD-MCDC-001 Loop Capital Markets LLC Statutory Disqualification, Approvals
August 10, 2015 SD-MCDC-018 BMO Capital Markets GKST Inc. Statutory Disqualification, Approvals
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
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
June 23, 2015 SD-2059 Stephen J. Pocina with Eroom Securities LLC Statutory Disqualification, Approvals
May 06, 2015 2009016317701 The Dratel Group, Inc. and William M. Dratel Disciplinary Decision
May 04, 2015 M00010006 APPEALED: In the Matter of the New Membership Application Firm X Membership Decision, Redacted Decision
April 30, 2015 SD-1960 Scott Mathis with DPEC, Inc. Statutory Disqualification, Approvals
April 29, 2015 2009017195204 Merrimac Corporate Securities, Inc. Disciplinary Decision
April 22, 2015 SD-1962 Candace J. Lee with Financial Services International Corp Statutory Disqualification, Approvals
April 16, 2015 SD-2054 Patrick C. Lubin with Dinosaur Securities Statutory Disqualification, Approvals
April 16, 2015 2007011413501 APPEALED: Brookstone Securities, Inc., Antony Lee Turbeville, Christopher Dean Kline and David William Locy Disciplinary Decision
March 25, 2015 SD-2025 ConvergEx Execution Solutions, LLC Statutory Disqualification, Approvals
March 16, 2015 2006006705601r APPEALED: John M.E. Saad Disciplinary Decision
March 09, 2015 2011025899601 David and Sian Harari Disciplinary Decision
March 03, 2015 20110269351 John Cherry, III Disciplinary Decision