Articles Tagged with Alliance Global Partners

Chicago-based Stoltmann Law Offices represents investors who’ve suffered losses from dealing with broker-advisors who’ve defrauded their clients. The Securities and Exchange Commission (SEC) has charged Michael F. Shillin with defrauding at least 100 investment advisory clients by “fabricating documents and making misrepresentations about their investments,” according to Thediwire.com.

According to the SEC, Shillin, a former Raymond James advisor, allegedly told certain clients, many of whom were elderly, that they had “subscribed for Initial Public Offering (IPO) or pre-IPO shares, or that he had bought stock on their behalf, in certain `coveted companies.’” In addition, Shillin 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.

For example, The SEC stated, “one of his clients reportedly decided to retire early when he was told that he was $450,000 richer after Shillin had purchased SpaceX stock for him. Another client was allegedly told that his life insurance policy contained a long-term care benefit, which the client learned was untrue after he was diagnosed with stage IV cancer.” 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.”

Chicago-based Stoltmann Law Offices is investigating claims of investment fraud against Altoona, Wisconsin based investment adviser, Michael Shillin. According to FINRA, the national regulator for brokers and brokerage firms, Shillin was registered with Alliance Global Partners from May 2018 until he submitted his resignation on October 2, 2020. Previously, Shillin was registered with Raymond James Financial, from where he was terminated for cause, according to FINRA.

Brokerage firms like AGP and Raymond James have legal obligations to supervise and monitor the conduct of their financial advisors.  Legally, individual brokers like Shillin are an extension of their firms, so long as their conduct is performed within the course and scope of providing investment advice. If you are a victim of any of Shillin’s misconduct, you have rights and could have a claim to pursue against the brokerage firm he was registered with at the time.

On December 21, 2020, FINRA barred Mr. Shillin from the securities industry permanently for filing to respond to a request for information under FINRA Rule 8210. According to FINRA, Shillin was alleged to have falsified documents and emails in connection with a phony life insurance policy.  He is also alleged to have represented to a client that he bought shares of Space-X for their account but instead may have converted the funds. Instead of cooperating with FINRA with respect to the agency’s investigation into these allegations made by clients, Mr. Shillin chose to accept a lifetime ban from the securities industry.

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