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 |
|---|---|---|---|
| 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 | 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 |