SEC Obtains Judgment Against Former Raymond James Broker Michael Shillin

Chicago-based Stoltmann Law Offices offers representation on a contingency fee basis to investors nationwide that have suffered investment losses as a result of unscrupulous financial advisors who’ve misrepresented the risks of investments or traded their accounts without express permission.

The U.S. Securities and Exchange Commission (SEC) has obtained a partial judgement against Michael F. Shillin, a former Raymond James financial advisor, “accused of defrauding at least 100 investment advisory clients, many of whom were elderly, by fabricating documents and making misrepresentations about their investments,” according to

Shillin, according to the SEC, “allegedly told certain clients that they had subscribed for Initial Public Offering or pre-IPO shares, or that he had bought stocks on their behalf, in certain `coveted companies.’ He also is accused of misrepresenting the purchase of life insurance policies with long-term care benefits, with several clients rolling over their existing policies into new ones, which were either non-existent or had far fewer benefits than he claimed.”

According to the SEC, Shillin “went to great lengths to deceive his clients,” including “setting up an online portal so they could monitor their portfolio of securities and profits – much of which were `pretend.’”

Shillin received “hundreds of thousands of dollars” from commissions and advisory fees. He has nearly 40 customer disputes listed on his BrokerCheck profile, notes the, with requests for damages ranging from $5,000 to $1 million, many of which are still pending. Shillin was a broker with Raymond James for nearly four years before he was fired in mid-2018. He then founded SWM, which offered securities and advisory services through A.G.P./Alliance Global Partners. He resigned less than two years later when he became the subject of another probe involving a “life insurance product [that provides] long-term care.”

The SEC previously charged Shillin with violating the antifraud provisions of various federal securities laws. Without admitting or denying the SEC’s allegations, he consented to be permanently enjoined from violating those provisions and was barred from the industry.

Have you invested with brokers who have sold you money-losing or overpriced investments or traded without your permission? FINRA and the SEC have strict rules on disclosing risk profiles on all investments sold by brokers and investment advisers. If they fail to fully inform you of downside risk or vet shady companies offering investments, you may have a case in arbitration.

Firms are also legally required by FINRA to monitor and supervise what their brokers are selling – their investments must be vetted and authorized by the firms – and have an obligation to investors to fully reveal true risk and return information about the vehicles sold. Broker-dealers and advisors are also required to fully vet all of the investments they are selling to determine if they are suitable for your age and risk tolerance. Investors can file FINRA arbitration complaints if these rules are broken. You can often avoid rogue broker-advisors by checking their backgrounds through BrokerCheck,

If you invested with a broker-advisor and lost money as a result, you may have a claim to pursue through FINRA Arbitration. Please contact Stoltmann Law Offices, P.C. at 312-332-4200 for a free, no obligation consultation with a securities attorney. Stoltmann Law Offices is a contingency fee law firm which means we do not get paid until you do!

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