Former Financial West Group Broker Efrain Trujillo Investment Loss Options
Posted on Monday, March 8th, 2021 at 7:01 pm
Erez Law is currently investigating former Financial West Group broker Efrain Trujillo (CRD# 3106482) who suffered investment losses. Trujillo has been registered with Western International Securities, Inc. in Los Angeles, California since 2017. Previously, Trujillo was registered with Financial West Group in Los Angeles, California from 2012 to 2017.
In November 2020, FINRA barred Trujillo and sanctioned him to a $20,000 civil and administrative penalty and fine after he, “consented to the sanctions and to the entry of findings that he 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. 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. A firm compliance principal specifically informed Trujillo of red flags indicative of excessive trading in the accounts of customers. In addition, in the face of information indicative of violative trading practices, Trujillo acted unreasonably by failing to further scrutinize the conduct of the representatives. Trujillo 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.”
Trujillo has been the subject of one customer complaint, according to his CRD report:
May 2016. “Client upset with suitability of recommendations in 2015.” The case was settled for $45,474. The complaint was regarding equity OTC and common and preferred stocks. The complaint took place while Trujillo was registered with Financial West Group.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Financial West Group may be liable for investment or other losses suffered by Trujillo’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.