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Michael Shillin, Barred Broker Formerly With A.G.P/Alliance Global Partners, Subject Of 20 Disclosures

Michael Shillin (Michael Francis Shillin CRD# 5927156) is a barred broker who was last registered with A.G.P/Alliance Global Partners in Altoona, Wisconsin. Before working for A.G.P., Shillin was registered with Raymond James Financial Services and Edward Jones.  Michael Shillin Disclosures and Wisconsin Finra Arbitration Claims  Michael Shillin is the subject of 20 disclosures on his publicly-available BrokerCheck report, which includes 15 customer disputes (all but one of which are pending), 1 regulatory disclosure, 1 investigation initiated by the FINRA Department of Enforcement, and 3 disputes regarding employment separation after allegations:  February, 2021: A customer dispute states that Shillin “recommended an IRA rollover that caused a taxable event, and that Mr. Shillin charged management fees that were higher than the amount that had been agreed upon. Client also stated that Mr. Shillin told him that he owned pre-IPO shares of SpaceX and Palantir, although it does not appear that the client ever purchased those shares. Further, client stated that Mr. Shillin lied about creating a living trust for him.” $5,000 in damages are requested, and the dispute is pending as of this writing.Michael Shillin (Michael Francis Shillin CRD# 5927156) is a barred broker who was last registered with A.G.P/Alliance Global Partners in Altoona, Wisconsin. Before working for A.G.P., Shillin was registered with Raymond James Financial Services and Edward Jones.

Michael Shillin Disclosures and Wisconsin Finra Arbitration Claims

Michael Shillin is the subject of 20 disclosures on his publicly-available BrokerCheck report, which includes 15 customer disputes (all but one of which are pending), 1 regulatory disclosure, 1 investigation initiated by the FINRA Department of Enforcement, and 3 disputes regarding employment separation after allegations:

February, 2021: A customer dispute states that Shillin recommended an IRA rollover that caused a taxable event, and that Mr. Shillin charged management fees that were higher than the amount that had been agreed upon. Client also stated that Mr. Shillin told him that he owned pre-IPO shares of SpaceX and Palantir, although it does not appear that the client ever purchased those shares. Further, client stated that Mr. Shillin lied about creating a living trust for him.” $5,000 in damages are requested, and the dispute is pending as of this writing.

January 28, 2021: A customer dispute states that Shillin provided them with an inaccurate, falsely inflated value of pre-IPO shares of SpaceX that had been purchased by the client.” $5,000 in damages are requested, and the dispute is pending as of this writing.

January 27, 2021: A customer dispute alleges Client was told by Mr. Shillin he had purchased pre-IPO shares of SpaceX and Palantir. The client did not pay for these securities, and does not own them. The client further stated that Mr. Shillin gave him poor advice about the amount of money he could remove from his account per month.” $5,000 in damages are requested, and the dispute is pending as of this writing.

January 26, 2021: A customer dispute states that “Clients indicated they are having tax and insurance issues based on Mr. Shillin’s advice. Clients indicated Mr. Shillin provided a falsified 1099 for 2019 in an attempt to coverup his bad advice.” $30,000 in damages are requested, and the dispute is pending as of this writing.

January 25, 2021: A customer dispute states Clients stated that (a) they retired in 2015 and 2016, and made other financial decisions, based on misrepresentations made by Mr. Shillin about their financial situation and account balances; (b) Mr. Shillin recommended that they cash in a paid insurance product to fund a different policy, and that this policy has lapsed due to Mr. Shillin’s misrepresentations, and (c) Mr. Shillin told them they owned pre-IPO shares of SpaceX and Palantir, even though the clients did not pay for those securities and do not own them.” $5,000 in damages are requested, and the dispute is pending as of this writing.

January 24, 2021: A customer dispute states Client stated that he was supplied with a falsified 1099 by Mr. Shillin which caused tax and other issues, including with the receipt of a federal stimulus check. Client also stated that Mr. Shillin misrepresented Enterprise Zone formation and associated taxation. Client also stated that Mr. Shillin told him he owned pre-IPO shares of SpaceX and Palantir, even though the client did not pay for those securities and does not own them.” $5,000 in damages are requested, and the dispute is pending as of this writing.

January 22, 2021: A customer dispute states Client stated that he was supplied with a falsified 1099 from Mr. Shillin which caused tax issues. Client further stated he based retirement decisions on Mr. Shillin’s misrepresentations about his financial status. Client also stated that Mr. Shillin told him that he had purchased pre-IPO shares of SpaceX and Zoom.” $300,000 in damages are requested, and the dispute is pending as of this writing.

January 21, 2021: A customer dispute states that Clients stated that they retired based on false information that Mr. Shillin provided to them as to the value of their accounts in 2014. Clients also stated that Mr. Shillin misled them about the source of their monthly distributions by stating that they represented income on their investments, when they appear to have been disbursements of the principal in their accounts.” $5,000 in damages are requested, and the dispute is pending as of this writing.

January 21, 2021: A customer dispute brought by clients alleges that Mr. Shillin misrepresented the features of an insurance policy they purchased in 2015 (while at a different firm). The clients indicated they were misled about the source of distributions from their accounts at AGP. The clients further indicated that they had tax issues based on bad advice from Mr. Shillin, and that Mr. Shillin reimbursed them for those amounts. Clients also stated that Mr. Shillin told them they owned pre-IPO shares of Spacex. It does not appear that the clients ever paid for the shares of SpaceX.” $5,000 in damages are requested, and the dispute is pending as of this writing.

January 20, 2021: A customer dispute states that Clients stated that they have tax, insurance, social security, and related issues arising out of falsified 1099s provided by Mr. Shillin. Clients also stated that Mr. Shillin told them they owned pre-IPO SpaceX shares. It does not appear that the clients ever paid for the shares of SpaceX shares. $50,000 in damages are requested, and the dispute is pending as of this writing.

January 20, 2021: A customer dispute states that Client stated that Mr. Shillin misrepresented the features of a life insurance product purchased in 2014 while Mr. Shillin worked for Edward Jones. Client further indicated that Mr. Shillin misrepresented that monthly ACH deposits were coming from a life insurance company when they were coming from the client’s own funds. Client also stated that Mr. Shillin told him he owned pre-IPO SpaceX shares, and that he was provided a falsified 1099. It does not appear that the client ever paid for the shares of SpaceX. $5,000 in damages are requested, and the dispute is pending as of this writing.

January 14, 2021: A customer dispute states that Client stated that Mr. Shillin provided bad advice in regard to taking distributions from an IRA account, and provided poor advice regarding his business. Client also stated that Mr. Shillin told him he owned pre-IPO SpaceX shares. It does not appear that the client ever paid for the shares of SpaceX. $5,000 in damages are requested, and the dispute is pending as of this writing.

January 14, 2021: A customer dispute states that Clients stated that Mr. Shillin guaranteed them they would not lose any principal in their account, but they lost $17,336 in an IRA based on his bad advice. The clients also stated that Mr. Shillin advised him not to speak to AGP employees in late September 2020 (shortly before Mr. Shillin resigned). Clients also expressed concerns about statements made at a “town hall” meeting held by Mr. Schillin’s successor (Jake Jansen) in December 2020. $17,336 in damages are requested, and the dispute was settled for $10,000.

December 21, 2020: A regulatory disclosure states that Michael Shillin was indefinitely barred in all capacities for refusing to produce information or documents or give testimony requested by FINRA. Shilling consented to FINRA’s sanction and entry of findings, which said that Shillin’s member firm filed a Form U5 stating that he had resigned while under investigation for 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.”

December 21, 2020: A customer dispute alleged that Michael Shillin misrepresented the amount and source of expected dividends and funds in their accounts. Clients also stated that Mr. Shillin told them that they owned SpaceX stock and had significant profits in that stock, when in fact, the clients did not buy or own SpaceX stock. Clients also stated that they told Mr. Shillin that they had a tax liability of approximately $13k based on reporting of supposed profits and income. Client stated that Shillin said there was no tax liability and that he would resolve the issue and submit the clients’ tax returns to the IRS for them. Clients indicated the issue was not resolved and tax returns were never filed.” $13,000 in damages are requested, and the dispute is pending as of this writing.

December 16, 2020: A customer dispute stated that Shillin provided them with falsified 1099 forms for 2019, causing the clients to complete an inaccurate tax return for 2019. Clients also stated that they took more money out of husband’s IRA in 2019 than they otherwise would have based on Mr. Shillin’s advice and misrepresentation that the interest on the bonds that they held in their individual accounts was tax-free.” $5,000 in damages are requested, and the dispute is pending as of this writing.

December 14, 2020: A customer dispute stated that “(I)n 2020, Mr. Shillin made misrepresentations and provided bad advice in connection with the viability of a life insurance policy purchased in 1988, and the resolution of a claim by one of the beneficiaries of that policy. The client stated that Mr. Shillin advised them to pay the complaining beneficiary approximately $18,000 from a separate account and then reimburse that account when the money was received from the insurance company. To date, it appears that no insurance proceeds have ever been received by the client or any of the beneficiaries. Instead, it appears that the subject insurance policy lapsed in 2006, and that no such proceeds will ever be forthcoming.” $18,466 in damages are requested, and the dispute is pending as of this writing.

December 9, 2020: A customer dispute stated that “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.” $30,000 in damages are requested, and the dispute is pending as of this writing.

December 9, 2020: A customer dispute stated that Shillin provided a written account summary that reflected the ownership of certain securities (including SpaceX pre-IPO shares) that, in fact, were not purchased for the client. Client believes he has been “misled” by Mr. Shillin. It does not appear that the client ever paid for the shares he claims Mr. Shillin told him that he owned, and it further appears that no funds are missing from the client’s account. $30,000 in damages are requested, and the dispute is pending as of this writing.

November 23, 2020: A customer dispute “(A)lleges 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.” $5,000 in damages are requested, and the dispute is pending as of this writing.

November 20, 2020: An investigation initiated by the FINRA Department of Enforcement is disclosed “To determine whether violations of the federal securities laws or FINRA, NASD, or MSRB rules have occurred.”

October 7, 2020: A customer dispute alleged that Shillin made misrepresentations relating to the amount and source of expected dividends in his account.” $20,000 in damages were requested and the dispute settled for $22,991.67

October 2, 2020: Two employment separation allegations appear on Shillin’s record regarding A.G.P./Alliance Global Partners. 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.”

May, 2018: Michael Shillin was discharged from Raymond James Financial Services, Inc. for failure to follow firm directive regarding the payment of client CPA fees.”

Allegations Of Misrepresentation By Wisconsin Securities Broker

Many of the claims against Michael Shillin allege misrepresentation. Stockbrokers cannot intentionally omit or misrepresent material information related to a security. Investors typically rely on information from their broker when considering what investments to make. Brokers have been known to misrepresent facts related to risky securities to conceal negative aspects of those securities.

Investors may not know that misrepresentation happened until they’ve lost money. Investors may be able to recover losses due to misrepresentation through FINRA arbitration.

Did You Invest With Michael Shillin?

If you believe that your stock broker or financial advisor put his financial interests ahead of yours, or recommended an unsuitable investment, you may have a claim to recover your losses through FINRA arbitration.

Silver Law Group represents investors nationwide in securities and investment fraud cases. Our experienced lawyers may be able to help you recover investment losses due to stockbroker misconduct. If you have any questions about your account, call us at 800-975-4345. We take most cases on a contingency fee basis, meaning you owe us nothing unless we recover your money for you. Contact us today.

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