michael-shillin-defrauded-clients

INVESTORS: Former Alliance Global Partners broker Michael Shillin was permanently barred by the SEC on January 7, 2022, after facing a civil action for defrauding at least 100 advisory clients.

michael-shillin-defrauded-clientsMichael Shillin (CRD#: 5927156) was registered as a broker Alliance Global Partners (“AGP”) from 2018 until 2020. Previously, Shillin was registered as a broker with Raymond James Financial Services from 2014 until 2018. 

On November 18, 2021, the U.S. District Court for the Western District of Wisconsin entered a partial judgment against Michael Shillin in a civil action filed by the SEC  that charged him with defrauding at least 100 advisory clients. The SEC’s complaint alleged that Shillin fabricated documents and made misrepresentations to his clients, many of whom were elderly, while acting as an investment adviser. 

Shillin allegedly misrepresented that certain clients had successfully subscribed for IPO or pre-IPO shares in high-profile companies when they had not, and lied to clients about the true value of their investment portfolios. Additionally, Shillin reportedly encouraged several advisory clients to roll over their existing life insurance policies into new policies, which caused certain clients to sell securities in order to pay premiums for policies that were non-existent or had far fewer benefits than Shillin claimed. 

The SEC’s complaint charged Shillin with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and (2) of the Investment Advisers Act of 1940. Without admitting or denying the allegations, Shillin consented to the entry of a judgment permanently enjoining him from further violation of the provisions he was charged with violating. 

The judgment bars Shillin from acting as an officer or director of a public company and requires him to pay disgorgement, prejudgment interest, and a civil penalty. Further, the SEC permanently barred Shillin from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. 

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Michael Shillin. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form. 

Sonn Law Group is investigating claims regarding Joel Eziekel Blum (CRD #4905379, Goshen, New York). Blum recently submitted an AWC in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 20 days. See FINRA Case #2014040186601. Blum was associated with Merrill Lynch from May 2008 until his termination in February 2014. Blum has been associated with Ameriprise Financial Services, Inc., since February 2014. The Form U-5 filed by Merrill Lynch to terminate Blum's registration states that he was discharged for "conduct including failure to contact clients in advance of entering orders in non-discretionary accounts and mismarking order tickets as unsolicited." FINRA found that Blum executed discretionary transactions in customer accounts without written authorization to do so. In addition, Blum mismarked order tickets in connection with these transactions, inaccurately indicating that the trades were unsolicited, according to FINRA. In entering into the AWC, Blum neither admitted or denied FINRA's findings. Pursuant to FINRA Rules, member firms are responsible for supervising a broker's activities during the time the broker is registered with the firm. Therefore, Ameriprise or Merrill Lynch may be liable for investment or other losses suffered by Blum's customers. If you were a client of Ameriprise, Merrill Lynch, or Blum, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our "contact form."
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