What's the worst that can happen when one appeals FINRA sanctions?  This New York-based Registered Principal found out.  Howard Braff, a registered principal with PHD Capital in New York, was charged by FINRA with lying to several broker-dealers with regard to his personal brokerage accounts. 

FINRA found that Braff lied to three employers - PGP Financial, PHD Capital and Pointe Capital - that he maintained brokerage accounts with Scottrade, Inc. and TD Ameritrade (formerly, TD Waterhouse).  Braff further falsely represented to PGP Financial and PHD
Capital that he had no outside brokerage accounts.  He also chose not to mention to the carrying firms - Scottrade and Ameritrade - that he was employed by broker-dealers - and obviously did not instruct them to send duplicate confirmations or statements to these firms.

On 5/19/10, an OHO panel (FINRA's Office Hearing Officers) ...  fined Braff $15,000 and suspended him in all capacities for one year for:  "(i) failing to notify his employer firms, in writing, that he had securities accounts at 2 other firms and failing to notify those firms that he was associated with a FINRA member, in violation of NASD Conduct Rules 3050(c) and 2110; and (ii) falsely representing to 2 employer firms that he did not have any outside brokerage accounts, in violation of Rule 2110. Respondent is also ordered to pay costs.    [See OHO Hearing Panel Decision]

Appeal to NAC.    Braff then appealed to NAC (FINRA's National Adjudicatory Council ...  which issued its decision on 5/13/11 that affirmed OHO's earlier findings, but increased the sanctions.  Braff was fined $25,000 and suspended in all capacities for 2 years.  They also increased his assessment of appeals costs and fees to nearly $3,300.    [See NAC Decision]

This is FINRA Disciplinary Case #2007011937001.   [Disciplinary Actions for August 2011]