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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
October 21, 2021 SD-2259 Avery F. Byrd with San Blas Securities, LLC Statutory Disqualification, Approvals
October 07, 2021 SD-2242 Robert J. Greene, Jr. with Vanderbilt Securities Statutory Disqualification, Approvals
October 07, 2021 2016051493704 Jorge A. Reyes Disciplinary Decision
October 06, 2021 2018056848101 APPEALED: Thomas Lee Johnson Disciplinary Decision
October 06, 2021 2016049565901 APPEALED: Glendale Securities, Inc., George Alberto Castillo, Paul Eric Flesche, Albert Raymond Laubenstein and Jose Miguel Abadin Disciplinary Decision
September 30, 2021 2017054405401 APPEALED: William Joseph Kielczewski Disciplinary Decision
September 27, 2021 2017053428201 APPEALED: DreamFunded Marketplace Disciplinary Decision
August 31, 2021 ARB210001 Geoffrey Garratt Expedited Decision
July 09, 2021 SD-2249 Industrial and Commercial Bank of China Financial Services LLC Statutory Disqualification, Approvals
June 02, 2021 2013035345701 APPEALED: Titan Securities, Brad C. Brooks, and Richard Wayne Demetriou Disciplinary Decision
June 02, 2021 M00010007 APPEALED: In the Matter of the New Member Application of Applicant Firm Membership Decision, Redacted Decision
June 02, 2021 SD-2185 David A. Elgart Statutory Disqualification, Approvals
May 27, 2021 2017052871401 William James Potter Disciplinary Decision
May 26, 2021 2018058286901 APPEALED: Wilfredo Felix Disciplinary Decision
April 20, 2021 SD-2218 Charles Schwab & Co., Inc. Statutory Disqualification, Approvals
March 10, 2021 2018059545201 APPEALED: Robert Juan Escobio Disciplinary Decision
February 09, 2021 SD-2243 Wells Fargo Securities, LLC Statutory Disqualification, Approvals
December 22, 2020 2016050205901 Charles A. Laverty Disciplinary Decision
December 17, 2020 2015044782401 APPEALED: Robbi J. Jones and Kipling Jones & Company, Ltd. Disciplinary Decision
December 17, 2020 2017055608101 Kapil Maheshwari Disciplinary Decision
October 28, 2020 SD-2226 Zachary S. Brodt Statutory Disqualification, Approvals
September 21, 2020 2014039174202 Steven E. Larson Disciplinary Decision
September 18, 2020 2015043646501 APPEALED: Eric S. Smith Disciplinary Decision
September 17, 2020 2016050938301 APPEALED: Michael Joseph Clarke Disciplinary Decision
June 29, 2020 2014042606902 APPEALED: Silver Leaf Partners, LLC Disciplinary Decision