Articles Tagged with Shillin investment fraud

shutterstock_172399811-297x300The law offices of Gana Weinstein LLP are currently investigating claims that advisor Michael Shillin (Shillin) has been accused by numerous clients of engaging in fraudulent investment activities including undisclosed outside business activities (OBAs) and private securities transactions.  According to records kept by FINRA Shillin was employed by Alliance Global Partners at the time of the activity.  If you have been a victim of Shillin’s alleged misconduct our firm may be able to assist you in recovering funds.

As reported by WEAU News, Shillin has been barred from working in the brokerage industry. FINRA has disclosed that Shillin refused to respond to the claims and complaints made against him. “In one of two new complaints, one count alleges that Shillin claimed to have purchased 20-thousand dollars in Space-X shares, but withdrew 25-thousand from their account. Another client writes that Shillin falsified documents to cover up a non-existent life insurance policy. This person wrote a check for nearly 30-thousand dollars for the policy.”

One of dozens of complaints filed relating to Shillin states “Each claimant alleges one or more of the following: that former FA misrepresented that he bought securities in claimants’ accounts when he did not actually buy them and presented claimants with documents that led them to believe the securities had been bought; represented that a claimant could obtain long-term care benefits under a rider to the claimant-spouse’s long-term care policy but never submitted the paperwork; failed to inform claimants that there were limits on penalty-free withdrawals from 401k accounts that had been rolled into an IRA; incorrectly represented to claimants they could withdraw from their IRAs when the withdrawals were prohibited transactions, and he prepared falsified accounting documents; improperly advised claimants they were eligible for a benefit under the Affordable Care Act and prepared a falsified Form 1099 reflecting a lower income; incorrectly advised claimants that investments in pre-IPO stocks would provide certain tax benefits, provided figures to include in tax returns, and represented that he would file the tax returns and forward payment to the IRS for claimants but failed to do so; incorrectly advised claimants on how much they could withdraw from their accounts to live on; and/or incorrectly advised claimants they could retire based on the purported performance of their portfolios.”

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