September 2021- Los Angeles, CA
According to publicly available records, Efrain Balderrama Trujillo a broker employed by Western International Securities, Inc. discloses a regulatory event and a prior customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In November of 2020, in FINRA case #2017054755208 , Trujillo consented to the sanctions and to the entry of findings that he failed to supervise registered representatives of his member firm, who excessively traded and recommended qualitatively unsuitable trades involving options, low-priced securities, and Non-Traditional Exchange Traded Products (ETPs) in customer accounts. The findings stated that Trujillo failed to investigate red flags indicative of trading misconduct and take appropriate action in a manner reasonably designed to ensure that the representatives acted in compliance with FINRA rules. Trujillo was aware of but failed to, investigate and address specific red flags indicating misconduct and suggestive of excessive trading and qualitatively unsuitable recommendations.FINRA permanently barred Trujillo from acting in any principal capacity and assessed a fine of $20,000.
In June of 2016, a Financial West Group client alleged unsuitability of recommendations made in 2015 and was paid $45,474 to resolve the matter.
Trujillo has been employed by Western International Securities since August 2017. Prior to that he was employed by Financial West Group from June of 2012 until August of 2017.
If you have losses in an account handled by Efrain Trujillo, call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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