Advisor Michael Shillin, Shillin Wealth Management, Barred From Securities Industry
Summary
- FINRA Reportedly Bars Michael Shillin after Alleged Dismissal for Misrepresentations.
The White Law Group is continuing its investigation into securities fraud claims involving former advisor Michael Shillin and liability his former employers may have for failure to properly supervise him.
The Financial Industry Regulatory Authority (FINRA) reportedly barred former advisor Michael Shillin (CRD#: 5927156, Altoona, WI) from working in the securities industry after he purportedly refused to appear for on-the-record testimony.
According to a Letter of Acceptance Waiver and Consent (AWC) signed on December 18, 2020, FINRA was reportedly investigating Shillin after his member firm, Alliance Global Partners, filed an amended Form U5 stating that a client had complained that “Shillin made misrepresentations relating to the amount and source of expected dividends in his account.”
Shillin’s former member firm, Alliance Global Partners reportedly filed a Form U5 stating that Shillin had allegedly resigned while under investigation.
The Form U5 is the Uniform Termination Notice for Securities Industry Registration. Broker-dealers, investment advisers, or issuers of securities must use this form to terminate the registration of an individual in the appropriate jurisdictions and/or self- regulatory organizations.
In the Form U5 filing, Alliance Global alleged the following: Shillin created and altered documents and e-mails “designed to show the existence of a long term care (LTC) insurance policy” that allegedly did not exist, Alliance Global alleged that Shillin “directly making a series of payments to the ‘beneficiary’ of the non-existent LTC policy,” andThe firm stated that Shillin made “material misstatements and provid[ing] falsified/altered documents to Firm personnel during the investigation in an apparent effort to explain the situation.
”For FINRA’s full findings see FINRA Case # 202006822610.
Shillin was reportedly registered with Alliance Global Partners in Altoona, WI from 2018 until October 2020, according to his FINRA broker report.
Previously, he was registered with Raymond James in Chippewa Falls, WI for 4 years until he was discharged for “failure to follow firm directive regarding the payment of client CPA fees,” according to his broker report.
His broker report indicates that he was the owner of a private label entity for financial services called Shillin Wealth Management since May 2018.
According to his broker record, Shillin reportedly has 15 customer complaints filed against him, with 14 still pending. Allegations include misrepresentation in regards to pre-IPO shares of Space-x and Palantir, and misrepresentations regarding insurance policies, among others.
If you suffered losses investing with Michael Shillin and Shillin Wealth Management, the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney, please call (888) 637-5510.
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. For more information, please visit our website, www.whitesecuritieslaw.com.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.