National investor fraud law firm, KlaymanToskes, has commenced an investigation (“Shillin Wealth Management Michael Shillin Investigation”) into former Alliance Global Partners broker Michael Shillin (CRD# 5927156) in light of the recent SEC action from September 2021.
In Litigation Release No. 25218, the SEC states as follows relating to its Complaint filed on September 23, 2021 against Michael Shillin:
“Shillin, while acting as an investment adviser, fabricated documents and made misrepresentations to clients, many of whom were elderly. As alleged, Shillin misrepresented that certain clients had successfully subscribed for IPO or pre-IPO shares in high-profile companies when they had not, and lied to clients about the true value of their investment portfolios. The complaint alleges that Shillin encouraged several advisory clients to roll over their existing life insurance policies into new policies, which caused certain clients to sell securities in order to pay premiums for policies that were non-existent or had far fewer benefits than Shillin claimed. Finally, the complaint alleges that Shillin received hundreds of thousands of dollars in ill-gotten gains as a result of his fraudulent conduct.”
The SEC’s complaint was filed in federal court in the Western District of Wisconsin. The Complaint charges Michael Shillin with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and (2) of the Investment Advisers Act of 1940.
In December 2020, FINRA barred Michael Shillin for refusing to produce information and documents and appear for on-the-record testimony relating to a Form U5 filed by A.G.P./Alliance Global Partners, per a Letter of Acceptance, Waiver and Consent (AWC).
On October 5, 2020, A.G.P. / Alliance Global Partners filed a Uniform Termination Notice for Shillin. The termination notice stated that Shillin had resigned while under investigation for creating and altering documents and emails “designed to show the existence of a long term care insurance policy that did not exist, for “directly making a series of payments to the ‘beneficiary’ of the non-existent long term care policy,” and for making “material misstatements and providing falsified/altered documents to Firm personnel during the investigation in an apparent effort to explain the situation.”
On November 5, 2020, A.G.P./Alliance Global Partners filed an amended Form U5 for Shillin. There, the brokerage firm stated that a client had complained that “Shillin made misrepresentations relating to the amount and source of expected dividends in his account.”
Per the SEC Complaint filed in September 2021, Michael Shillin is a resident of Appleton, Wisconsin. He worked as an investment advisor in the securities industry since 2014. Michael Shillin’s registration history as a broker is as follows:
According to BrokerCheck, Michael Shillin’s employment history includes:
His “Other Business Activities” include Shillin Wealth Management.
According to BrokerCheck, Michael Shillin has been subject to 37 customer disputes, including 21 that are currently pending.
One notable disclosure appearing on BrokerCheck alleges $1,000,000 in damages. The customer alleges that:
For more information on Michael Shillin’s customer disputes, visit BrokerCheck here.
Former customers of ex-A.G.P./Alliance Global Partners broker and Shillin Wealth Management financial advisor Michael Shillin with losses exceeding $100,000, and who may have information relating to the manner in which the broker handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KlaymanToskes has recovered more than $220 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes
Lawrence L. Klayman, Esq. (561) 542-5131
lklayman@klaymantoskes.com
www.klaymantoskes.com