Louis Michael Nolfo

FINRA issued the following complaint. Issuance of a disciplinary complaint represents FINRA's initiation of a formal proceeding in which findings as to the allegations in the complaint have not been made and does not represent a decision as to any of the allegations contained in the complaint. Because these complaints are unadjudicated, you may wish to contact the respondents before drawing any conclusions regarding these allegations in the complaint.

Louis Michael Nolfo (CRD #2439250, Registered Principal, Boca Raton, Florida) was named as a respondent in a FINRA complaint alleging that in connection with the purchase or sale of securities, he exercised control over public customers' accounts, churned the accounts and effected numerous and excessive securities transactions in the accounts. The complaint alleges that Nolfo, directly or indirectly, in connection with the purchase or sale of securities, by the use of means or instrumentalities of interstate commerce, or of the mails, employed devices, schemes or artifices to defraud; made untrue statements of material fact or omitted to state material facts necessary to make the statements made, in light of the circumstances under which they were made, not misleading; or engaged in acts, practices or courses of business that operated, or would operate, as a fraud or deceit upon any person; or effected transactions in, or induced the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance. The complaint also alleges that Nolfo used unsuitable margin levels in a customer's account in a manner that was reckless and inconsistent with the customer's objectives, financial situation and needs. The complaint further alleges that Nolfo failed to adequately and properly supervise the trading activity of a registered representative who engaged in excessive and unsuitable transactions. (FINRA Case #2005001698202)

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