On November 17, 2020, Efrain Balderrama Trujillo (Efrain Trujillo, CRD #3106482, West Hills, California), an Acceptance, Waiver and Consent (AWC) was issued by FINRA in which Trujillo was barred from association with any FINRA member in any principal capacity and fined $20,000.
Without admitting or denying FINRA’s findings, Efrain Trujillo consented to the sanctions and to the entry of findings that he allegedly failed to supervise four formerly registered representatives who excessively traded and recommended unsuitable trades involving options, low-priced securities and Non-Traditional ETPs in client accounts.
FINRA’s findings stated that Efrain B. Trujillo allegedly failed to investigate red flags indicating trading misconduct and then take appropriate action in a manner reasonably designed to ensure that the representatives acted in compliance with FINRA rules.
According to FINRA, a firm compliance principal allegedly informed Efrain Trujillo of red flags indicative of excessive trading in client accounts. Also, FINRA alleged Trujillo acted unreasonably by failing to further scrutinize the conduct of the representatives. Trujillo allegedly was aware of, but failed to investigate and address, specific red flags indicating trading misconduct suggestive of excessive trading and qualitatively unsuitable recommendations in violation of FINRA’s suitability rules, including the suitability rules relating to options trading.
(FINRA Case #2017054755208)
According to FINRA’s BrokerCheck, Efrain Trujillo has been in the securities industry for 22 years.
Trujillo is registered with the following firm both as a broker since 8/21/2017 and as an investment advisor since 4/11/2019:
WESTERN INTERNATIONAL SECURITIES, INC.
12400 Wilshire Blvd. Ste. 550
Los Angeles, CA 90025
He was previously listed with:
06/25/2012 – 08/21/2017 FINANCIAL WEST GROUP – LOS ANGELES, CA (FINRA expelled the firm on 02/13/2020)
If you’ve experienced losses due to the actions or recommendations of the Financial West Group of Los Angeles, broker/financial advisor, Efrain Trujillo, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.