Pending investor complaints against Newport Beach financial advisor Martin Klein (CRD# 1778613) allege that his investment advice resulted in damages...Read More
Michael Shillin: SpaceX Complaints Against Ex-Altoona Rep
Investors allege that former Altoona, Wisconsin broker and investment adviser Michael Shillin (CRD# 5927156) engaged in conduct that resulted in losses of $1 million. According to records provided by the Financial Industry Regulatory Authority (FINRA), Shillin was formerly registered with Alliance Global Partners.
Michael Shillin’s FINRA-maintained BrokerCheck report lists 31 pending customer complaints and two settled customer complaints against him. In December 2020 he was barred from associating with any FINRA member firm over allegations that he failed to provide information or give testimony connected with an investigation into allegations of “creating and altering documents and e-mails designed to show the existence of a long term care insurance policy that did not exist, for directly making a series of payments to the beneficiary of the non-existent long term care insurance policy, and for making material misstatements and providing falsified/altered documents to firm personnel during the investigation in an apparent effort to explain the situation.”
A complaint filed in May 2021 alleges that as a representative of Raymond James Financial Services, Michael Shillin misrepresented that he bought securities in the customers’ accounts when he hadn’t; misrepresented that he had purchased long-term riders; made unauthorized disbursements from two trusts; misrepresented premiums the customers would owe on long-term policies; and misrepresented that withdrawals from the customers’ accounts were non-taxable when in fact they were taxable. The pending complaint alleges damages of $1 million.
A complaint filed in March 2021 alleged that as a representative of Raymond James Financial Services, Michael Shillin misrepresented a variable annuity contract. The pending complaint alleges damages of $150,000.
A complaint filed in January 2021 alleges that as a representative of Alliance Global Partners, Michael Shillin provided a falsified 1099 and represented that he had “purchased pre-IPO shares of SpaceX and Zoom.” The pending complaint alleges damages of $300,000.
Another February 2021 complaint alleges that as a representative of Alliance Global Partners, he told the customers that they “owned pre-IPO shares of SpaceX, even though the clients did not pay for those securities and does not own them.” The pending complaint alleges damages of $145,000.
Another 2021 complaint alleges that as an Alliance Global Partners representative, he provided “an inaccurate, falsely inflated value of pre-IPO shares of SpaceX that had been purchased by the client.” The pending complaint alleges unspecified damages.
Financial Industry Regulatory Authority (FINRA) records show that Michael Shillin holds nine years of experience in the securities industry. He was registered with Alliance Global Partners in Altoona, Wisconsin from 2018 until 2020. Before that he was registered with Raymond James Financial Services in Chippewa Falls, Wisconsin and with Edward Jones in Chippewa Falls, Wisconsin. He is currently barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm. (Information current as of June 10, 2021.)