Eric A. Fiallo (CRD #5123703) Was Barred by FINRA

Eric A. Fiallo (CRD #5123703) has been the subject of disclosure events reported on Eric A. Fiallo’s FINRA BrokerCheck report. According to records accessed on January 13, 2026, Eric A. Fiallo is not currently registered with a broker-dealer.

BrokerCheck link: Eric Fiallo FINRA BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory action (FINRA)

According to Eric Fiallo’s FINRA BrokerCheck disclosure summary and the underlying settlement document (an Acceptance, Waiver & Consent, or AWC), FINRA barred Eric Fiallo after he consented to findings that he refused to provide documents and information requested by FINRA in connection with its investigation into his potential involvement with borrowing from a customer. The disciplinary action was initiated on December 11, 2025 and reflects a permanent bar in all capacities.

AWC link: FINRA AWC (PDF)

Eric Fiallo’s FINRA BrokerCheck report reflects 4 disclosure events (1 regulatory event, 1 termination, and 2 judgments/liens). Below are two examples:

Example 1 (Regulatory – Final): Eric Fiallo’s FINRA BrokerCheck report reflects a regulatory action initiated by FINRA on December 11, 2025 (Case No. 2025086256001). The report states that Eric Fiallo consented to findings that he refused to provide documents and information requested by FINRA in an investigation into potential borrowing from a customer, and that the matter resulted in a permanent bar.

Example 2 (Judgment/Lien): Eric Fiallo’s FINRA BrokerCheck report reflects a tax lien disclosure reporting an outstanding IRS tax lien in the amount of $93,243.97, filed on March 6, 2024 in Broward County, Florida.

In addition to the two examples above, Eric Fiallo’s FINRA BrokerCheck report reflects 2 other disclosures (an employment separation after allegations and a civil judgment/lien).

Rule summary #1: FINRA Rule 8210

FINRA Rule 8210 authorizes FINRA to require associated persons and member firms to provide information, testimony, and documents in connection with FINRA investigations and examinations. A failure to comply can lead to serious discipline, including a permanent bar.

Rule summary #2: FINRA Rule 3240

FINRA Rule 3240 restricts registered representatives from borrowing money from or lending money to customers unless specific conditions are met and the broker’s firm has provided written approval (where required). The rule is designed to reduce conflicts of interest and the risk that brokers take advantage of customers through personal loans.

Why this matters to investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
2. Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
3. Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
4. Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background information (from BrokerCheck)

Based on his BrokerCheck Report, Eric Fiallo reportedly:

• Is not currently registered with a brokerage firm.
• Was registered with PFS Investments Inc. (CRD #10111) in Hialeah, Florida from August 2008 through June 2025.
• Has passed the Series 26 (Investment Company Products/Variable Contracts Principal), SIE, and Series 6 exams.

Kurta Law Can Help

If you have worked with Eric Fiallo and you have concerns about his activity, Kurta Law may be able to help you evaluate potential recovery options. You may be entitled to pursue a claim through FINRA arbitration, depending on the facts of your situation and the investments involved. Contact Kurta Law at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

Helpful resources:  FINRA Rule 3240 and stockbroker loans  |  FINRA Rule 8210 bars and investigations

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable—because integrity in the markets matters.