Louis Michael Nolfo (CRD # 2439250, Registered Principal, Boca Raton, Florida) submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Nolfo consented to the described sanction and to the entry of findings that, while exercising control over customers’ accounts, he recommended securities transactions without having reasonable grounds for believing the transactions were suitable in view of the size and frequency of the transactions, the nature of the account and the customers’ financial situation, investment objectives and needs. The findings stated that the effected transactions were excessive, utilized unsuitable margin and generated excessive commissions. The findings stated that Nolfo, in connection with the purchase or sale of securities, directly or indirectly, by the use of the means or instrumentalities of interstate commerce, or of the mails, or any facility of any national securities exchange, knowingly or recklessly: employed devices, schemes or artifices to defraud; made untrue statements of material facts or omitted to state material facts necessary to make the statements made, in light of the circumstances under which they were made, not misleading; engaged in acts, practices or courses of business which 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 findings also stated that Nolfo failed to supervise a registered representative who effected excessive securities transactions in a customer’s account, using unsuitable levels of margin, in a manner inconsistent with the customer’s objectives. (FINRA Case # 2005001698202)