Michael Shillin Alliance Global Partners Investment Losses? FINRA Bars Appleton, Wisconsin investment advisor accused of defrauding at least 100 advisory clients.
National investor fraud law firm, KlaymanToskes (“KT”), 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.
September 2021 SEC Complaint and Michael Shillin Shillin Wealth Management Investigation
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.
FINRA Bars Michael Shillin in December 2020
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.”
Background of Michael Shillin
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:
- AGP/Alliance Global Partners (May 2018 to October 2020)
- Raymond James Financial Services (August 2014 to June 2018)
- Edward Jones (July 2011 to August 2014)
According to BrokerCheck, Michael Shillin’s employment history includes:
- International Assets Investment Management (October 2020 to Present)
- AGP/Alliance Global Partners (May 2018 to October 2020)
- Fries Financial Group LLC (August 2014 to May 2015)
- Raymond James Financial Services (August 2014 to May 2018)
- Edward Jones (May 2011 to August 2014)
His “Other Business Activities” include Shillin Wealth Management.
37 Customer Disputes Lodged Against Michael Shillin
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:
- Shillin misrepresented that he bought securities in claimants’ accounts when he did not actually buy them and presented claimants with documents that led them to believe the securities had been bought; misrepresented that he had purchased long-term care riders for claimants;
- appeared to use transfers from claimants’ investment accounts or payments from claimants’ own capital invested in annuity to create illusion of benefit payments from long-term care product;
- misrepresented the premiums that would be owed by claimants on long-term care policies;
- misrepresented how long long-term care benefits would last; misrepresented that after a specified time, the cash value of two insurance policies would be sufficient to fund future premiums; failed to make ongoing payments from claimants’ accounts for insurance product’s long-term care rider, causing policy to be canceled; misrepresented that withdrawals from claimants’ accounts were non-taxable when they were actually taxable;
- incorrectly advised claimants they could retire based on the purported performance of their portfolios;
- failed to follow instructions not to buy bonds that were not FDIC insured; and/or
- made unauthorized disbursements from two trusts.
For more information on Michael Shillin’s customer disputes, visit BrokerCheck here.
Lose Money Investing with Michael Shillin (Appleton, WI)?
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.
KT 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. KT has recovered more than $220 million for investors in FINRA arbitrations. KT has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq. (561) 542-5131