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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.

Media: field_core_official_dt (year)
Date of Decision Proceeding No. Title Type
April 08, 2024 2019064813801 APPEALED: NYPPEX, LLC, Laurence Allen, and Michael Schunk Disciplinary Decision
April 08, 2024 SD-2352 Cetera Advisors LLC Statutory Disqualification, Approvals
April 08, 2024 SD-2351 Cetera Advisor Networks LLC Statutory Disqualification, Approvals
March 14, 2024 2019064656601 APPEALED: Charles Scott Burford Disciplinary Decision
December 05, 2023 SD-2330 Joao M. Valente Statutory Disqualification, Approvals
October 25, 2023 SD-2325 BTIG, LLC Statutory Disqualification, Approvals
September 28, 2023 2018057235801 APPEALED: Megurditch Patatian Disciplinary Decision
September 21, 2023 M00010008 In the Matter of the Continuing Membership Application of Firm A Membership Decision, Redacted Decision
September 15, 2023 SD-2315 Halifax America LLC Statutory Disqualification, Approvals
June 16, 2023 SD-2295 Allen B. Holeman with David Lerner Associates. Inc. Statutory Disqualification, Approvals
May 30, 2023 2015045257501 APPEALED: Ricky Alan Mantei Disciplinary Decision
April 19, 2023 FPI220008 Sally Nava Kanarek Disciplinary Decision
April 13, 2023 SD-2317 David Girton with Blaylock Van, LLC Statutory Disqualification, Approvals
March 23, 2023 2018058588501 APPEALED: Christopher Peter Tranchina Disciplinary Decision
March 23, 2023 2018057274302 APPEALED: Jason Lynn DiPaola Disciplinary Decision
January 17, 2023 2016050924601r Bradley C. Reifler Disciplinary Decision
January 06, 2023 2018058924502 Adam James Makkai Disciplinary Decision
December 29, 2022 2017053462401 Robert Henderson Disciplinary Decision
December 21, 2022 SD-2294 Heath Butler Statutory Disqualification, Denials
October 18, 2022 2017052760001 APPEALED: Nancy Kimball Mellon Disciplinary Decision
October 17, 2022 SD-2311 William John Tobias Statutory Disqualification, Approvals
October 13, 2022 2020065128501 APPEALED: Wilfredo Felix, Jr. Disciplinary Decision
October 06, 2022 2013037522501r APPEALED: Trevor Michael Saliba Disciplinary Decision
October 03, 2022 SD-2238 APPEALED: Matthew Iverson Statutory Disqualification, Denials
September 23, 2022 SD-2265 APPEALED: Laurence Allen Statutory Disqualification, Denials