FINRA Reportedly Bars Michael Shillin after Alleged Dismissal for Misrepresentations
According to a Letter of Acceptance Waiver and Consent (AWC) signed on December 18, 2020, The Financial Industry Regulatory Authority (FINRA) reportedly barred former advisor Michael Shillin (CRD#: 5927156, Altoona, WI) from association with any FINRA member in all capacities after he purportedly refused to appear for on-the-record testimony. FINRA reportedly launched an investigation after his member firm 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.”
On October 5, 2020, A.G.P. / Alliance Global Partners filed a Form U5 stating that Shillin had allegedly resigned while under investigation for creating and altering documents and e-mails “designed to show the existence of a long term care (LTC) insurance policy” that did not exist, for “directly making a series of payments to the ‘beneficiary’ of the non-existent LTC policy,” and for making “material misstatements and provid[ing] falsified/altered documents to Firm personnel during the investigation in an apparent effort to explain the situation,” according to the AWC.
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 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. He reportedly has 1 customer complaint on his broker record for allegations of misrepresentation.
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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, 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 are concerned about investments with Michael Shillin and Alliance Global Partners, the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
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