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 |
|---|---|---|---|
| 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 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 |
| June 02, 2022 | 2019063570502 | APPEALED: Matthew R. Logan | Disciplinary Decision |
| 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 |