Former A.G.P. / Alliance Global Partners Financial Advisor Michael F. Shillin Barred Indefinitely by FINRA
Michael F. Shillin (CRD#: 5927156) was a Financial Advisor for A.G.P. / Alliance Global Partners from 2018-2020. He entered the securities industry in 2011 and previously worked for Raymond James Financial Services, Inc., and Edward Jones.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in December 2020, FINRA indefinitely barred Michael F. Shillin from working for any member firm in any capacity after December 21, 2020.
The FINRA sanction states, “Without admitting or denying the findings, Shillin consented to the sanction and to the entry of findings that he refused to produce information or documents or give on-the-record testimony requested by FINRA. The findings stated that Shillin’s member firm filed a Form U5 stating that he had resigned while under investigation for 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. The 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.”
For a copy of Michael F. Shillin’s FINRA disciplinary action details, click here.
Michael F. Shillin has been the subject of seven customer disputes, including the following:
• December 2020 – “Clients stated that starting in or around October 2019 (or possibly earlier), Michael Shillin misrepresented the amount and source of expected dividends and funds in their accounts. Clients also stated that Mr. Shillin told them that they owned SpaceX stock and had significant profits in that stock, when in fact, the clients did not buy or own SpaceX stock. Clients also stated that they told Mr. Shillin that they had a tax liability of approximately $13k based on reporting of supposed profits and income. Client stated that Shillin said there was no tax liability and that he would resolve the issue and submit the clients’ tax returns to the IRS for them. Clients indicated the issue was not resolved and tax returns were never filed.” This complaint is pending and the damages requested are $13,000.00
• December 2020 – “Clients stated that Michael Shillin provided them with falsified 1099 forms for 2019, causing the clients to complete an inaccurate tax return for 2019. Clients also stated that they took more money out of husband’s IRA in 2019 than they otherwise would have based on Mr. Shillin’s advice and misrepresentation that the interest on the bonds that they held in their individual accounts was tax-free.” This complaint is pending and damages of $5,000 are requested.
• December 2020 – “Client complained that in 2020, Mr. Shillin made misrepresentations and provided bad advice in connection with the viability of a life insurance policy purchased in 1988, and the resolution of a claim by one of the beneficiaries of that policy. The client stated that Mr. Shillin advised them to pay the complaining beneficiary approximately $18,000 from a separate account and then reimburse that account when the money was received from the insurance company. To date, it appears that no insurance proceeds have ever been received by the client or any of the beneficiaries. Instead, it appears that the subject insurance policy lapsed in 2006, and that no such proceeds will ever be forthcoming.” The complaint is pending with $18,466.00 in damages requested.
• December 2020 – “Client indicated that Mike Shillin attempted to switch his (and separately his wife’s) life insurance from State Farm to John Hancock in July 2018. His wife’s policy was switched, but the documentation Client received regarding his policy switch appears to be falsified as John Hancock indicated to him that he had no policy with John Hancock, and the policy number was not for Client (He discovered this fact recently). A check drawn from State Farm for $29,658.78 was deposited into Client’s joint brokerage account in April 2019. The money stayed in the account; and was not used to pay for any insurance policy. A review of Firm emails indicates Client was rejected for the policy in underwriting, but Mr. Shillin did not relay this information to Client. Client provided copies of multiple texts from Mr. Shillin which stated Client had a valid policy with John Hancock. He also provided copies of John Hancock documents he received directly from Mr. Shillin.” The complaint is pending and damages of $30,000.00 are requested.
• December 2020 – “The client advised that Michael Shillin provided a written account summary that reflected the ownership of certain securities (including SpaceX pre-IPO shares) that, in fact, were not purchased for the client. Client believes he has been “misled” by Mr. Shillin. It does not appear that the client ever paid for the shares he claims Mr. Shillin told him that he owned, and it further appears that no funds are missing from the client’s account.” The complaint is pending with $5,000.00 requested in damages.
• November 2020 – “Complaint alleges that Mr. Shillin told [REDACTED] that he had purchased shares of SpaceX Series G Founders Shares in October 2019 or December 2019. Client further alleges the investment was for $20,000 (although he alleges that $25,000 was withdrawn from the account); and that Mr. Shillin promised the SpaceX shares would be delivered into client’s account.” The complaint is pending and $5,000.00 is requested in damages.
• November 2020 – FINRA Department of Enforcement opened an investigation “To determine whether violations of the federal securities laws or FINRA, NASD, or MSRB rules have occurred.”
• October 2020 – “The client alleged that Mr. Shillin made misrepresentations relating to the amount and source of expected dividends in his account.” The complaint was settled for $22,991.67.
• October 2020 – ”Mr. Shillin resigned while under investigation for (a) creation and alteration of documents and e-mails designed to show the existence of a long term care (LTC) insurance policy in favor of a “beneficiary” who was not a client of the Firm, when in fact, that policy did not exist, and (b) for directly making a series of payments to the “beneficiary” of the non-existent LTC policy. In addition, Mr. Shillin made material misstatements and provided falsified/altered documents to Firm personnel during the investigation in an apparent effort to explain the situation. The investigation to date has not uncovered any evidence of diversion of funds.” Michael F. Shillin voluntarily resigned from A.G.P. / Alliance Global Partners.
• October 2020 – Michael F. Shillin voluntarily resigned from A.G.P. / Alliance Global Partners as a result of “SUPPOSED ALLEGATION CONCERNING INSURANCE PRODUCT PROVIDING FOR LONG-TERM CARE.”
• May 2018 – Michael F. Shillin was discharged from Raymond James Financial Services, Inc. after the following allegation was made: “failure to follow firm directive regarding the payment of client CPA fees.”
For a copy of Michael F. Shillin’s FINRA BrokerCheck, click here.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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