FINRA Bars Lyhen Fiallo for Refusing to Provide Records in Customer Loan Investigation
The Financial Industry Regulatory Authority (FINRA) has barred Lyhen Fiallo (CRD #4579582) of Miramar, Florida, from associating with any FINRA member firm in any capacity after she refused to provide documents and information during a regulatory investigation.
On January 26, 2026, FINRA issued a Letter of Acceptance, Waiver, and Consent (AWC) under Case #2025088525001. 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 securities customer.
FINRA rules place strict limitations on borrowing arrangements between brokers and their customers due to the conflicts of interest and risks such arrangements can create. In many cases, such activity is prohibited unless it is properly disclosed and approved by the brokerage firm.
Refusal to Provide Requested Documents
As part of its 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 regulators from fully evaluating potential misconduct.
As a result of her refusal to cooperate, Fiallo was permanently barred from associating with any FINRA member firm in all capacities.
Risks of Broker Borrowing from Customers
Borrowing money from customers can expose investors to financial harm and create situations where brokers place their personal interests ahead of their clients. These arrangements may also involve undisclosed terms or pressure on investors.
Regulators closely monitor such conduct to ensure compliance with industry rules and to protect investors from potential abuse.
Silver Miller Represents Victims of Broker Misconduct
If you believe a broker borrowed money from you, failed to disclose financial arrangements, or engaged in other misconduct, you may have the right to pursue recovery.
Silver Miller represents investors nationwide in claims involving broker misconduct, conflicts of interest, unauthorized transactions, and supervisory failures. Our attorneys pursue recovery through FINRA arbitration and civil litigation.
Contact Silver Miller for a free, confidential consultation. We work on a contingency fee basis—meaning you pay nothing unless we recover for you.
