Are you concerned about your investments with Michael Shillin, of Altoona, WI? If so, the securities attorneys at the White Law Group may be able to help you to recover financial losses.
The White Law Group is currently representing investors in securities claims involving financial advisor Michael Shillin and the liability his former employers may have for failure to properly supervise him.
The Financial Industry Regulatory Authority (FINRA) reportedly barred former advisor Michael Shillin (CRD#: 5927156, Altoona, WI) last December from working in the securities industry after he purportedly refused to appear for on-the-record testimony.
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,” according to a Letter of Acceptance, Waiver and Consent.
Alliance Global Partners, Shillin’s most recent member firm, 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.
The firm reported in the Form U5 that Shillin created and altered documents and emails “designed to show the existence of a long term care (LTC) insurance policy” that allegedly did not exist. Alliance Global further alleged that Shillin “directly making a series of payments to the ‘beneficiary’ of the non-existent LTC policy,” and Alliance Global stated that Shillin made “material misstatements and provid[ing] falsified/altered documents to Firm personnel during the investigation in an apparent effort to explain the situation.”
For FINRA’s full findings see FINRA Case # 202006822610.
Shillin’s broker report indicates that he was registered with Alliance Global Partners in Altoona, WI from 2018 until October 2020. Previously, he was registered with Raymond James in Chippewa Falls, WI for 4 years until he was discharged for “failure to follow firm directive regarding the payment of client CPA fees,” according to his broker report.
Shillin was apparently the owner of a private label entity for financial services called Shillin Wealth Management since May 2018, according to his broker record.
Michael Shillin reportedly has 27 customer complaints on his broker record, with two still pending.
Filing a Complaint against your Brokerage Firm
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.
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. For more information, please visit our website, www.whitesecuritieslaw.com.