Altoona Advisor Michael Shillin Indicted after 37 Customer Complaints

Altoona Advisor Michael Shillin Indicted after 37 Customer Complaints, featured by top attorneys at the White Law Group

Michael Shillin, of Shillin Wealth Management, Indicted on 10 Counts of Fraud 

 The White Law Group is currently representing investors in securities fraud claims against their brokerage firm involving financial advisor Michael Shillin (CRD#: 5927156,). If you have been a victim of Michael Shillin, the firm may be able to help you recover your financial losses through FINRA arbitration. 

According to a press release, the U.S. Department of Justice on October 27, charged Michael Shillin, of Shillin Wealth Management, with nine counts of wire fraud, and one count of bank fraud. 

Shillin allegedly defrauded clients by making misrepresentations to them such as telling them that he purchased stock on their behalf and that they had made hundreds of thousands of dollars on these investments, when in fact, Shillin allegedly had not purchased the stocks. 

According to the DOJ, Shillin also persuaded clients to purchase insurance policies by purportedly misrepresenting their costs and benefits, some of which he received commission on.  

The indictment further charges Shillin with defrauding a bank by obtaining two loans, totaling $462,000, by using allegedly fraudulent collateral. 

If convicted, Shillin faces a maximum penalty of 20 years in federal prison on each wire fraud charge, and a maximum penalty of 30 years on the bank fraud charge. 

FINRA Bars Michael Shillin from Securities Industry 

In December we reported that FINRA barred former advisor Shillin  from working in the securities industry after he purportedly refused to appear for on-the-record testimony. 

According to a Letter of Acceptance Waiver and Consent (AWC) signed on December 18, 2020, FINRA was reportedly investigating Shillin after his member firm, Alliance Global Partners, filed an amended Form U5 stating that a client had complained that “Shillin made misrepresentations relating to the amount and source of expected dividends in his account.” 

Shillin’s most recent member firm, Alliance Global Partners filed a Form U5 stating that Shillin had allegedly resigned while under investigation. The Form U5 is the Uniform Termination Notice for Securities Industry Registration. Broker-dealers, investment advisers, or issuers of securities must use this form to terminate the registration of an individual in the appropriate jurisdictions and/or self- regulatory organizations. 

For FINRA’s full findings see FINRA Case # 202006822610. 

According to his FINRA BrokerCheck report, Shillin was reportedly registered with the following firms: 

05/23/2018 – 10/05/2020, A.G.P. / ALLIANCE GLOBAL PARTNERS (CRD#:8361), Altoona, WI
07/18/2011 – 08/22/2014, EDWARD JONES (CRD#:250),CHIPPEWA FALLS, WI 

Broker Misrepresentations 

Of the 37 complaints filed against Shillin, many are allegedly involving Space-X shares and switching of life insurance policies. 

On December 9, a customer alleges that Mike Shillin attempted to switch a client’s life insurance policy but kept the payments instead for paying for the new policy. On November 23, a client filed suit alleging that Shillin promised to purchase $25,000 worth of Space-X shares, but instead purportedly only purchased $20,000 of shares “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.” 

Recovery of Financial Losses 

Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules. 

When brokers abuse client accounts and conduct transactions that violate securities laws, such as misrepresentation, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees. 

The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent. 

For more information on the firm’s investigation, please see:

SEC Charges Barred Alliance Global Advisor Michael Shillin with Fraud 

Barred Altoona Broker Michael Shillin has 27 Customer Complaints

WEAU: Former Altoona Investment Advisor Barred from Securities Industry

If you have suffered losses investing with Michael Shillin, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510. 

The foregoing information, which is all publicly available, is being provided by The White Law Group. 

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, 



CNL Healthcare Properties Tender Offer Price Suggests Losses for Investors

CNL Healthcare Properties Inc. – Third Party Tender Offer

CNL Healthcare Properties Inc. Illiquid Investment, featured by top attorneys, The White Law Group

Recovery of Investment Losses involving CNL Healthcare Properties  

The White Law Group continues to investigate potential claims involving broker dealers who may have improperly recommended non-traded REITs such as CNL Healthcare Properties to investors.  The White Law Group may be able to help you to recover financial losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.  

According to its website, CNL Healthcare Properties is a non-traded real estate investment trust (REIT) that “seeks to provide income and growth with a strategic focus on the seniors housing and healthcare sectors.”  

Third Party Tender Offer for CNL Healthcare Properties, Inc. Shareholders 

This week Comrit Investments has reportedly extended a third-party tender offer to purchase shares of the REIT from investors for $4.50 per share. This may suggest losses for investors as the original purchase price was $10 per share. The REIT reportedly suspended its stock redemption plan in July 2018.  Unfortunately, many investors were not made adequately aware of the risks and liquidity problems associated with REITs. Compared to traditional investments, such as stocks, bonds and mutual funds, non-traded REITS, like CNL Healthcare Properties, are considerably more complex and involve a high degree of risk. 

 Decline in Net Asset Value  

On March 12, 2021, the board of CNL Healthcare Properties Inc. declared a new net asset value per share of $7.38 for the company’s common stock as of December 31, 2020. There was a 4.7 percent decline in the appraised value of the company’s 71 assets when compared to the appraised values for the prior year’s NAV, according to filings with the SEC

In May 2020 we reported that the company had seven coronavirus related resident fatalities across its 71 senior housing community properties. The company also advised that the current market conditions would likely delay the timeline of its ability to execute on any transactions to provide liquidity to shareholders.  

Filing a Complaint against your Brokerage Firm 

The White Law Group has represented numerous investors in claims against the brokerage firm that recommended CNL non-traded REITs to investors.  

Broker dealers are required to perform adequate due diligence on any investment they recommend. They must ensure that all recommendations are suitable for the investor. Recommendations should be in line with the investor’s age, risk tolerance, net worth, and investment experience.  

Broker dealers that fail to adequately disclose risks or make unsuitable investment recommendations can be held liable for investment losses.  

If you are concerned about your investment in CNL Healthcare Properties and would like to speak to a securities attorney, please call The White Law Group at 1-888-637-5510 for a free consultation.  

For more information on the firm’s investigation, please see:  

CNL Healthcare Properties Decrease in Net Asset Value 
Recovery of CNL REIT Losses 
Did your Financial Advisor Recommend a Non-Traded REIT? 

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.  

For more information on The White Law Group, please visit