Investors: The SEC banned Michael Shillin, a former broker for Alliance Global Partners, for life on January 7, 2022, after he defrauded at least 100 advisory clients of money.
Michael Shillin -defrauded clients as per by SEC report
Michael Shillin was signed up as an Alliance Global Partners (“AGP”) broker from 2018 to 2020. His CRD number was 5927156. Shillin was registered with Raymond James Financial Services as a broker from 2014 to 2018.
On November 18, 2021, the U.S. District Court for the Western District of Wisconsin issued Michael Shillin a partial judgment in a civil case the SEC had brought against him for allegedly defrauding at least 100 advisory clients. In its complaint, they said that Shillin, while working as an investment adviser, made up documents and lied to his older clients.
Shillin allegedly told clients that they had successfully bought IPO or pre-IPO shares in well-known companies when they hadn’t, and he also told clients that their investment portfolios were worth more than they really were. Also, Shillin is said to have told some of his advisory clients to roll over their old life insurance policies into new ones. This led some of his clients to sell securities to pay the premiums for policies that either didn’t exist or had far fewer benefits than Shillin said they did.
In its complaint, the advisory said Shillin broke the laws against fraud in Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940, as amended, including Sections 206(1) and (2), and Rule 10b-5 thereunder. Shillin didn’t admit or deny the accusations, but he agreed to a judgment that would permanently stop him from breaking the rules he was accused of.
Shillin can’t be an officer or director of a public company anymore, and he has to pay back the money he stole, plus interest and a civil penalty. The Securities and Exchange Commission also banned Shillin from working with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.
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