A federal grand jury in Wisconsin has indicted a former financial adviser with nine counts of wire fraud and one count of bank fraud.
The indictment accuses Michael shillin, the owner of a financial consulting firm Shillin Wealth Management, for carrying out a scheme in which he convinced clients that he had bought non-public shares in well-known companies, earning them hundreds of thousands of dollars, when in fact he never bought them. actions, according to the US Attorney’s Office for the Western District of Wisconsin.
Shillin also allegedly convinced clients to buy insurance policies, on which he received commissions, by distorting the costs and benefits of the policies, according to the U.S. Attorney’s Office.
In addition, Shillin allegedly sent his clients false tax documents showing they were eligible for tax breaks to which they were in fact not entitled, according to the indictment.
Finally, Shillin also allegedly fraudulently obtained $ 462,000 on behalf of SWM, showing $ 1.2 million in the company’s account when in fact he was the one who controlled and owned the account, according to the office of the American attorney.
If convicted, Shillin faces a maximum of 20 years in federal prison for each of the wire fraud charges and a maximum sentence of 30 years for the bank fraud charge, according to the US attorney’s office.
Shillin had been in the financial services industry since 2011. In 2018, Raymond James fired him for allegations of “failure to follow firm guidelines for paying clients’ CPA fees,” according to BrokerCheck.
In October 2020, Shillin was allowed to resign from Global Alliance Partners on claims concerning insurance products.
The Financial sector regulatory authority banned Shillin in December 2020 for his refusal to provide documents for an investigation related to insurance policies. In total, he collected 44 disclosures over his nine-year career, according to BrokerCheck.
Last month, meanwhile, the Security and Trade Commission indicted Shillin on allegations of various types of fraud against his clients, as reported. The regulator is asking for an injunction, restitution with pre-judgment interest, a civil sanction and a ban against Shillin.