NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Andres Luis Delmas (Principal)
AWC/2007010582701

Delmas made unsuitable recommendations to customers to buy inverse floater Collateralized Mortgage Obligation (CMO) securities, and those customers lost more than $163,000 as a result. Delmas did not have reasonable grounds to believe that the CMOs were suitable for the customers in light of their investment experience, objectives and risk tolerances. 

Andres Luis Delmas (Principal): Fined $15,000; Suspended 60 days