Efrain Trujillo Barred by FINRA
Efrain Trujillo (CRD #: 3106482) has been fired from his position at Western International Securities following allegations that he borrowed money from a customer, according to his BrokerCheck record, accessed on May 9, 2022. He has also been barred by FINRA.
A broker may only borrow from or lend to one of their firm’s customers if that member firm has written procedures permitting borrowing from customers. If there are written guidelines, the broker in question must follow all of those internal requirements together with the stipulations stated in FINRA Rule 3240, which governs borrowing and lending arrangements between registered members and their member firms’ customers.
A violation of FINRA Rule 3240 also constitutes a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business.
Regulatory Disclosure
According to an Acceptance, Waiver, and Consent agreement dated November 17, 2020, Efrain Trujillo consented to the findings that he allegedly failed to supervise registered representatives formally with his member firm, who excessively traded and recommended qualitatively unsuitable trades involving options, low-priced securities, and Non-Traditional Exchange Traded Products (ETPs) in accounts belonging to customers. Those are all risky securities.
Efrain Trujillo allegedly 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. As a result, Trujillo allegedly violated FINRA Rules 3110(a), 2360(b)(20), and 2010.
Sanctions
Efrain Trujillo consented to the following sanctions:
- A bar from associating with any FINRA member in any principal capacity
- A $20,000 fine.
You can read a copy of the disciplinary action here.
Investor Dispute
On May 13, 2016, an investor alleged that Efrain Trujillo recommended unsuitable investments. The dispute settled for $45,474.
Background Information
Efrain Trujillo has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 55 – Limited Representative-Equity Trader Exam
- Series 7 – General Securities Representative Examination
- Series 24 – General Securities Principal Examination
Efrain Trujillo has also worked with the following firms:
- Financial West Group (CRD#:16668)
- SRM Securities (CRD#:13716)
Kurta Law Can Help
If you lost money while working with Efrain Trujillo, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.