Soreide Law Group has filed a complaint against A.G.P./ALLIANCE GLOBAL PARTNERS, located in Altoona, Wisconsin, for failing to supervise their former registered representative, MICHAEL FRANCIS SHILLIN (MICHAEL F SHILLIN CRD#: 5927156). Schillin has been barred by both the SEC and FINRA.
The SEC, in September of 2021, charged MICHAEL F SHILLIN of Appleton, Wisconsin, with defrauding at least 100 investment advisor clients through a variety of schemes involving phony life insurance policies, initial public offerings, and more. Michael Shillin was barred in January of 2021 by the Wisconsin Department of Financial Institutions due to misconduct reported by his investment clients. This conduct included misrepresenting expected returns, and other violations, according to the SEC. Shillin is facing a maximum of 20 years in federal prison for each of the nine wire fraud charges and a 30-year maximum prison sentence on the bank fraud charge that he was indicted on in October of 2021.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, MICHAEL F SHILLIN had been in the securities industry for 9 years. He has 45 Disclosures listed on his FINRA CRD report.
Three of these Disclosures are, “Employment Separation After Allegations.” On October 2, 2020, Schillin voluntarily resigned from A.G.P. / ALLIANCE GLOBAL PARTNERS, following allegations of, “Mr. Shillin resigned while under investigation for (a) creation and alteration of documents and e-mails designed to show the existence of a long term care (LTC) insurance policy in favor of a “beneficiary” who was not a client of the Firm, when in fact, that policy did not exist, and (b) for directly making a series of payments to the “beneficiary” of the non-existent LTC policy. In addition, Mr. Shillin made material misstatements and provided falsified/altered documents to Firm personnel during the investigation in an apparent effort to explain the situation. The investigation to date has not uncovered any evidence of diversion of funds.” There is also another voluntary resignation from A.G.P. / ALLIANCE GLOBAL PARTNERS dated October 1, 2020 with allegations of, “Supposed allegation concerning insurance product providing for long term care.” On May 21, 2018, according to BrokerCheck, MICHAEL F SHILLIN was discharged from Raymond James Financial Services, Inc. due to the allegations of, “failure to follow firm directive regarding the payment of client CPA fees.”
There are 37 “Customer Disputes” listed on Shillin’s BrokerCheck report.
According to BrokerCheck, MICHAEL F SHILLIN had been listed with the following three firms:
05/23/2018 – 10/05/2020 A.G.P./ALLIANCE GLOBAL PARTNERS – Altoona, WI
08/21/2014 – 06/11/2018 RAYMOND JAMES FINANCIAL SERVICES, INC – CHIPPEWA FALLS, WI
07/18/2011 – 08/22/2014 EDWARD JONES – CHIPPEWA FALLS, WI
If you’ve experienced financial losses due to the actions or recommendations of the former AGP and Raymond James and Edward Jones, Wisconsin broker, MICHAEL F SHILLIN, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.