Hugo Hernandez: MML Advisor Barred by FINRA

Former El Paso, Texas financial advisor Hugo Hernandez (CRD# 6446187) was recently sanctioned and barred in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was most recently registered as a broker and an investment advisor with MML Investors Services, also known as MassMutual.

A Letter of Acceptance, Waiver, and Consent (No. 2024082783901) describes FINRA’s disciplinary action against Mr. Hernandez. Filed in January 2026, it states that he refused to provide on-the-record testimony requested by FINRA as part of its investigation “into whether [he] failed to return investment funds, engaged in undisclosed private securities transactions and outside business activities, or borrowed money from customers in violation of FINRA rules.” After receiving the request, he allegedly indicated to FINRA via a phone call that he would not appear for the requested testimony. FINRA found that his refusal violated industry rules requiring persons under its jurisdiction to comply with such requests. As a result of these findings, FINRA barred him from associating with any member firm in any capacity.

Mr. Hernandez’s BrokerCheck report discloses his termination from MML Investors Services. Filed in July 2024, the disclosure states that the firm fired him in connection with allegations that he engaged in “prohibited loans with clients and potential clients and participation in undisclosed outside business activities and an unapproved private securities transaction.”

A second disclosure on his BrokerCheck report concerns an investor complaint against him. Filed in 2024, it alleged that as a representative of MML Investors Services, he misappropriated investment funds by failing to repay money given to him for an alternative investment. The complaint reached a settlement of $29,550.

According to the Financial Industry Regulatory Authority, Lyhen Fiallo holds eight years of securities industry experience. Most recently based in El Paso, Texas, he was last registered with MML Investors Services from 2017 until 2024. He was previously registered with NYLife Securities in El Paso from 2015 until 2017. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He is no longer licensed as a broker. (Information current as of January 26, 2026.)

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