Eric Fiallo Barred After Borrowing From Client

Eric Fiallo (CRD# 5123703) is a former registered broker last employed with PFS Investments Inc. (CRD# 10111) of Hialeah, FL, from 2008 through 2025.

Fiallo resigned from PFS Investments on 6/2/2026 while under an internal review following allegations of borrowing money from a firm client. FINRA reviewed Fiallo’s Form U5 filed by PFS Investments and began investigating. On October 14, 2025, FINRA sent Fiallo a request for documents and information related to the investigation. In an email dated November 14, 2025, Fiallo responded to FINRA’s request, stating that although he received the request, he would not provide documentation and information as requested.

FINRA then issued an Acceptance, Waiver & Consent (AWC) letter, which contained the sanction of a permanent bar from association with any FINRA member in any capacity. Fiallo signed the AWC letter on 12/1/2025. The ban went into effect when FINRA signed it on 12/11/2025.

Shortly thereafter, a customer filed a dispute on 12/30/2025, alleging that he loaned money to Fiallo in 2022/2023, but Fiallo had never repaid the loan. This customer requested damages of $19,500.00, but this claim was denied. No additional information is available.

Fiallo also has two judgments in his CRD. The first, a tax lien, is dated 3/6/2024, for $93,243.97. The second, a civil judgment, is dated 4/22/2026 and for $2,341.33.

Why Loaning Money To A Broker Or Financial Advisor Is An Unwise Move

Loans between friends and family are relatively common. But loans between financial representatives and their customers can be fraught with problems and include major risks for the person who loans the money.

The first issue is the serious conflict of interest that exists in this arrangement. That’s why FINRA has severe restrictions on these types of arrangements and requires written requests and permission to do so.

Occasionally, when someone’s relative is also their broker, they are allowed to borrow from their client with written permission from their firm. There is no strict regulatory reporting, transparency, and audit trails required for standard investments.

There is also the possibility of default by the borrower, whether they re-loan the assets to a failed investment or simply don’t repay the loan. Furthermore, loaning assets will not include the Securities Investor Protection Corporation (SIPC) that you would have otherwise, and no insurance if the broker default.

Did You Invest With Eric Fiallo?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.