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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
March 28, 2022 SD-2296 Bolton Securities Corporation Statutory Disqualification, Approvals
March 16, 2022 2016047565702r APPEALED: Dakota Securities International, Inc. and Bruce Martin Zipper Disciplinary Decision
December 16, 2021 2018059510201 APPEALED: Thomas John Lykos, Jr. Disciplinary Decision
December 16, 2021 2016051615301 Partho S. Ghosh Disciplinary Decision
December 15, 2021 2016052104101 APPEALED: Devin Lamarr Wicker Disciplinary Decision
December 01, 2021 SD-2277 Peter R. Serra with Joseph Gunnar & Co. LLC Statutory Disqualification, Approvals
October 25, 2021 SD-2279 Todd Wyche with San Blas Securities, LLC Statutory Disqualification, Approvals
October 21, 2021 SD-2259 Avery F. Byrd with San Blas Securities, LLC Statutory Disqualification, Approvals
October 07, 2021 2016051493704 Jorge A. Reyes Disciplinary Decision
October 07, 2021 SD-2242 Robert J. Greene, Jr. with Vanderbilt Securities Statutory Disqualification, Approvals
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 SD-2185 David A. Elgart 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
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