Western International Securities' Efrain Trujillo Suspended by FINRA for Unauthorized Loans

Attorney Advising Disclaimer

FINRA fined and suspended former Western International Securities (Los Angeles) broker Efrain Balderrama Trujillo of West Hills, California for borrowing $335,000 from firm customers without approval, despite knowing of the rules that prohibit borrowing money from customers.

According to FINRA, Trujillo (CRD #3106482) took $335,000 through loans ranging from $5,000 to $50,000 from Western International Securities customers who were not immediate family members.

Additionally, Trujillo purportedly failed to provide customers with promissory notes or repayment schedules for eight of the 15 loans. Instead, Trujillo allegedly used the money to pay personal expenses.

Trujillo, whom Western International terminated in 2021, previously drew FINRA's ire when he was disciplined for failing to supervise representatives who excessively traded and recommended unsuitable non-traded exchange traded products (ETPs) and other low-priced securities.

When Trujillo still failed to pay an $8,844 fine in 2022, FINRA revoked his registration, rendering Trujillo barred from the securities industry.

If you invested with Western International Securities' Efrain Trujillo in Southern California or with any investment adviser or broker who borrowed money from you without authorization, made unsuitable recommendations, or engaged in excessive trading or other misconduct that has proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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