Michael Shillin, Former Alliance Global Advisor, Pleads Guilty after Allegations that he Defrauded 100 Clients
The White Law Group continues to investigate potential securities fraud claims involving fromer Alliance Global Advisor Michael Shillin, of Appleton, Wisconsin.
Shillin, age 33, was reportedly criminally charged with nine counts of wire fraud and one count of bank fraud by purportedly defrauding hundreds of thousands of dollars from his clients, according to the charges, last year. According to reports last week, Shillin was sentenced to seven years in federal prison after pleading guilty to a three- part wire fraud scheme, according to the U.S. Attorney for the Western District of Wisconsin. Prosecutors had reportedly recommended the court sentence Shillin to six years, although the maximum penalty was 20 years in prison for each wire fraud charge and a maximum of 30 years for the bank fraud charge.
Shillin was charged with defrauding close to 100 clients, many of them elderly, between August 2014 and October 2020, according to the U.S. Attorney’s Office.
From 2011 until 2020, Shillin reportedly worked as an investment advisor and registered representative with several firms including Alliance Global Partners, Raymond James and Edward Jones. He also had his own firm, Shillin Wealth Management, which managed close to 3,000 accounts and had $135 million in assets under management, according to the charges.
Shillin allegedly made misrepresentations to his advisory clients, many of whom were elderly. According to the allegations, Shillin falsely told certain clients that they had successfully subscribed for IPO or pre-IPO shares in high-profile companies such as Space-X when they had not, and purportedly lied to clients about the true value of their investment portfolios, according to the complaint.
Shillin also allegedly persuaded several advisory clients 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 allegedly claimed. He also purportedly led them to believe they were eligible for tax benefits when they were not.
On January 22, 2022, the Securities and Exchange Commission permanently barred Shillin from working in the securities industry after it filed parallel charges against him. On September 23, 2021. See: Alliance Global Advisor Michael Shillin Charged with Fraud *UPDATED*
How to Recover your Investment Losses
The White Law Group has represented numerous investors who suffered losses investing with Michael Shillin in claims against their brokerage firms.
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules. When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you have suffered losses investing with Michael Shillin, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at (888) 637-5510. To learn more about the firm’s investigation, please see:
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.
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