Did you lose money investing with Efrain Trujuillo (CRD# 3106482)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Efrain Trujuillo. If you suffered losses investing with Efrain Trujuillo, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of April 1, 2023, Efrain Trujuillo’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Customer Dispute
3 Regulatory Events
1 Employment Separation After Allegations
November 17, 2020 – An AWC was issued in which Trujillo was barred from association with any FINRA member in any principal capacity and fined $20,000. Without admitting or denying the findings, Trujillo consented to the sanctions and to the entry of findings that he failed to supervise four formerly registered representatives who excessively traded and recommended qualitatively unsuitable trades involving options, low-priced securities and Non-Traditional 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. A firm compliance principal specifically informed Trujillo of red flags indicative of excessive trading in customer accounts. 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. (FINRA Case #2017054755208)
Current and Previous Registrations
08/21/2017 – 10/27/2021 WESTERN INTERNATIONAL SECURITIES, INC. (CRD#:39262) Los Angeles, CA
06/25/2012 – 08/21/2017 FINANCIAL WEST GROUP (CRD#:16668)
FINRA expelled the firm on 02/13/2020
10/02/1998 – 10/03/2012 SRM SECURITIES, INCORPORATED (CRD#:13716) LOS ANGELES, CA
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Efrain Trujuillo and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
