Soreide Law Group obtained the following information from FINRA’s website regarding the Wisconsin broker/financial advisor:
MICHAEL FRANCIS SHILLIN (MIKE SHILLIN CRD#: 5927156)
On December 21, 2020, MICHAEL FRANCIS SHILLIN was barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm. He was previously registered both as a broker and as an investment advisor.
Without admitting or denying FINRA’s findings, MICHAEL FRANCIS SHILLIN consented to the sanction and to the entry of findings that he allegedly refused to produce information or documents or give on-the-record testimony requested by FINRA.
FINRA’s findings stated that MICHAEL FRANCIS SHILLIN‘s member firm filed a Form U5 stating that he had resigned while under investigation for allegedly creating and altering documents and e-mails 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 insurance 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.
The firm filed an amended Form U5 stating that a client had complained that Mike Shillin allegedly made misrepresentations relating to the amount and source of expected dividends in his account.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, MICHAEL FRANCIS SHILLIN has 8 Disputes listed on his 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 FRANCIS 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 three Customer Disputes listed on Shillin’s BrokerCheck report. In October of 2020, a dispute against Shillin settled for $20,000.00 following the allegations of, “The client alleged that Mr. Shillin made misrepresentations relating to the amount and source of expected dividends in his account.”
On November 23, 2020, a dispute was filed against MICHAEL FRANCIS SHILLIN requesting $5,000.00 in damages. The dispute is pending with allegations of, “Complaint alleges that Mr. Shillin told [REDACTED] that he had purchased shares of SpaceX Series G Founders Shares in October 2019 or December 2019. Client further alleges the investment was for $20,000 (although he alleges that $25,000 was withdrawn from the account); and that Mr. Shillin promised the SpaceX shares would be delivered into client’s account.”
There is another pending dispute filed in December of 2020, alleging, “Client indicated that Mike Shillin attempted to switch his (and separately his wife’s) life insurance from State Farm to John Hancock in July 2018. His wife’s policy was switched, but the documentation Client received regarding his policy switch appears to be falsified as John Hancock indicated to him that he had no policy with John Hancock, and the policy number was not for Client (He discovered this fact recently). A check drawn from State Farm for $29,658.78 was deposited into Client’s joint brokerage account in April 2019. The money stayed in the account; and was not used to pay for any insurance policy. A review of Firm emails indicates Client was rejected for the policy in underwriting, but Mr. Shillin did not relay this information to Client. Client provided copies of multiple texts from Mr. Shillin which stated Client had a valid policy with John Hancock. He also provided copies of John Hancock documents he received directly from Mr. Shillin.” The damage amount requested is $30,000.00.
According to BrokerCheck, MICHAEL FRANCIS SHILLIN has been in the securities industry for nine years and has 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 FRANCIS 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.