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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
January 01, 1998 SD98007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 1998 SD98003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 1998 SD98005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 1998 SD98008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
January 01, 1998 SD98004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
January 01, 1998 SD98006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
December 31, 1997 C07930034 Escalator Securities, Inc., & Howard A. Scala Disciplinary Decision
December 29, 1997 C3A950073 In the Matter of District Business Conduct Committee for District No. 3, Complainant, vs. Respondent Firm 1, Respondent 2, and Respondent 3 Disciplinary Decision, Redacted Decision
December 23, 1997 CMS960247 In the Matter of Market Regulation Committee, Complainant, vs. Respondent Firm 1 Disciplinary Decision, Redacted Decision
December 22, 1997 C9A970019 Nicholas A. Rudi Disciplinary Decision
December 17, 1997 C01960003,C01960024 L.H. Alton & Company & Lewis Hunt Alton Disciplinary Decision
December 01, 1997 CMS950042 In the Matter of Market Regulation Committee Complainant, v. Respondent 1 Disciplinary Decision, Redacted Decision
December 01, 1997 C10960019 David A. Blech Disciplinary Decision
December 01, 1997 CMS950042 Victor H. Palma, Jr. Disciplinary Decision
November 24, 1997 C07950030 In the Matter of Complainant 1, vs. Respondent Firm 1, and Respondent 2 Disciplinary Decision, Redacted Decision
November 20, 1997 C07960065 Christopher K. Cutchens Disciplinary Decision
November 20, 1997 C10960116 Ilana Abby Knapp Disciplinary Decision
November 20, 1997 C07960014 In the Matter of District Business Conduct Committee for District No. 7 Complainant, vs. Respondent 1, and Respondent 2, and Respondent 3 Disciplinary Decision, Redacted Decision
November 20, 1997 C07960110 Darren L. Klemp Disciplinary Decision
November 20, 1997 C9A960030 Brian L. Shegon Disciplinary Decision
November 18, 1997 C3A960014 In the Matter of District Business Conduct Committee for District No. 3 Complainant, vs. Respondent 1 Disciplinary Decision, Redacted Decision
November 18, 1997 C3A960014 John Holland Disciplinary Decision
November 05, 1997 C01950010 Ashton N. Gowadia Disciplinary Decision
October 30, 1997 C8A950030 James Allen Merlen & City Securities Corporation Disciplinary Decision
October 30, 1997 C8A930048 Miguel Angel Cruz Disciplinary Decision