Michael Francis Shillin of Altoona, Wisconsin, a stockbroker formerly registered with AGP (Alliance Global Partners), has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or an investment advisor and barred from associating with those institutions, according to an SEC Order containing findings of Shillin misrepresenting information to investors and misleading them concerning securities transactions. Administrative Proceeding File No. 3-20694 (January 7, 2022).
Shillin was the subject of a judgment prohibiting him from violating federal securities laws, including Securities Exchange Act of 1934 Section 10(b), Securities Act of 1933 Section 17(a), and Investment Advisers Act of 1940 Section 206. Civil Action No. 3:21-cv-00601. This came after SEC alleged in a Complaint that Shillin misrepresented information to customers so they would keep assets under his control as an advisor. The regulator alleges that false statements were made by Shillin regarding his use of investor funds for pre-IPO stocks. Shillin allegedly lied about investors’ holdings and the reason he was terminated by a prior employer.
Shillin was also permanently barred by Wisconsin Department of Financial Institutions Division of Securities given findings of Shillin’s misrepresentations to investors concerning dividends and findings of Shillin misleading his customers concerning what they purchased. In the Matter of Michael F. Shillin Case No. S-242215 (LX).
Shillin has also been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity on December 21, 2020, based upon findings that he refused to testify in an investigation concerning his alleged altering of customer documents and his misrepresentations to investigators concerning his activities.
FINRA Public Disclosure shows that Shillin has been identified in thirty six customer initiated investment related disputes concerning accusations of his wrongdoing while employed by securities broker-dealers, including Raymond James Financial Services and Alliance Global Partners.
On March 17, 2021, a customer filed an investment related FINRA securities arbitration claim concerning Shillin’s activities in which the customer requested compensatory damages based upon the allegations that Shillin provided the customer fabricated inaccurate account statements, falsely showing that the customer owned investments in SpaceX. The claim also alleges that there were funds missing from the customer’s account.
Shillin is also identified in a customer initiated investment related written complaint on March 18, 2021, where the customer sought compensatory damages for misrepresentation by Shillin relating to periodic payments on a structured certificate during the time that Shillin was registered with Raymond James Financial Services.
On May 6, 2021, another customer filed an investment related complaint involving Shillin’s conduct in which the customer requested compensatory damages based upon allegations of them being led to believe that they were buying a long-term care policy. The complaint also alleges that misrepresentations were made by Shillin concerning the interest to be generated by the policy.
On May 14, 2021, a different customer filed an investment related complaint regarding Shillin’s activities where the customer sought compensatory damages supported by accusations of false statements concerning Enterprise Zone, Palantir, and SpaceX while Shillin was employed by Alliance Global Partners. FINRA Arbitration No. 21-01220.
On July 30, 2021, another customer initiated investment related complaint concerning Shillin’s conduct was settled to resolve accusations of mismanagement of the customer’s account and misrepresentations concerning the customer’s insurance coverage when Shillin was associated with Alliance Global Partners.
Shillin is also referenced in a customer initiated investment related written complaint which was settled for $30,000.00 on November 8, 2021, founded on allegations of the customer receiving false information from Shillin regarding their investment portfolio at Raymond James Financial Services.
Shillin is the subject of another customer initiated investment related FINRA securities arbitration claim that was settled for $325,000.00 in damages based upon allegations of failure to follow instructions, inappropriate advice, and misrepresentations concerning securities transactions. FINRA Arbitration No. 21-01240 (December 6, 2021). According to the claim, Shillin provided false information to the customer concerning their investments, and he misrepresented long-term care riders and premium payments. The customer was allegedly misinformed on how their cash value of insurance policies could cover premium payments.
Shillin is also referenced in a customer initiated investment related FINRA securities arbitration claim which was settled on March 7, 2022, to resolve accusations of negligence, breach of fiduciary duty, and misrepresentation concerning SpaceX stock. FINRA Arbitration No. 21-00425.
On July 1, 2022, another customer initiated investment related FINRA securities arbitration claim involving Shillin’s activities was settled for $167,500.00 in damages supported by allegations of Shillin making unauthorized securities purchases and providing unsuitable advice to the customer concerning margin. FINRA Arbitration No. 21-03111.
Shillin was registered with Raymond James Financial Services between August 21, 2014, and June 11, 2018. He was registered with Alliance Global Partners between May 23, 2018, and October 5, 2020.