FINRA Bars Eric A. Fiallo for Refusing to Provide Records in Customer Loan Investigation
The Financial Industry Regulatory Authority (FINRA) has barred Eric A. Fiallo (CRD #5123703) of Miramar, Florida, from associating with any FINRA member firm in any capacity after he refused to provide documents requested during a regulatory investigation.
On December 11, 2025, FINRA issued a Letter of Acceptance, Waiver, and Consent (AWC) under Case #2025086256001. Without admitting or denying the findings, Fiallo consented to the sanction and to the entry of findings.
Investigation into Potential Borrowing from a Customer
According to FINRA, the investigation focused on Fiallo’s potential involvement in borrowing money from a customer.
FINRA rules strictly limit when brokers may borrow from or lend money to customers because such arrangements can create serious conflicts of interest and may expose investors to financial harm. In many cases, borrowing from customers is prohibited unless specific conditions are met and the arrangement is disclosed and approved by the firm.
Refusal to Provide Requested Documents
As part of the investigation, FINRA requested documents and information from Fiallo pursuant to its authority under FINRA Rule 8210.
The findings state that Fiallo refused to provide the requested materials. A refusal to comply with FINRA’s requests for documents and information is considered a serious violation because it prevents the regulator from fully evaluating potential misconduct.
Because of his refusal to cooperate with the investigation, Fiallo was barred from associating with any FINRA member firm in all capacities.
Risks of Customer Loan Arrangements
Borrowing money from customers can place investors in vulnerable positions and may lead to exploitation, financial loss, or undisclosed financial relationships that undermine a broker’s duty to act in the client’s best interests.
For this reason, FINRA and brokerage firms closely monitor such arrangements and require strict compliance with disclosure and supervisory rules.
Silver Miller Represents Investors in Broker Misconduct Cases
If you believe a broker improperly borrowed money from you, recommended unsuitable investments, or engaged in other forms of misconduct, you may have the right to pursue recovery.
Silver Miller represents investors nationwide in claims involving broker misconduct, unauthorized transactions, conflicts of interest, and supervisory failures. Our attorneys pursue claims through FINRA arbitration and civil litigation to help investors recover losses.
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