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Press release content from Business Wire. The AP news staff was not involved in its creation.

MICHAEL SHILLIN OF SHILLIN WEALTH MANAGEMENT INVESTOR ALERT: Kurta Law Investigates Allegations of Securities Fraud on Behalf of Investors

November 1, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Nov 1, 2021--

The securities attorneys of Kurta Law would like to speak with any investors who have worked with Michael F. Shillin. Kurta Law, a national securities law firm, is investigating Mr. Shillin’s conduct as a broker following his bar from the Financial Industry Regulatory Authority (FINRA).

On October 27, 2021, Michael Shillin was indicted by the US Attorney’s Office in Wisconsin for defrauding hundreds of clients through his now-defunct business Shillin Wealth Management. Michael Shillin is also the subject of a lawsuit brought by the Securities and Exchange Commission (SEC) that alleged Mr. Shillin lied to investors and outrageously misrepresented returns. Investors are seeking to recover millions of dollars in damages.

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On September 23, 2021, the SEC initiated a lawsuit in which it alleged that Michael Shillin “systematically betrayed” his investors’ trust. The SEC also alleges that Shillin went to “great lengths to deceive his clients” and set up a fake portal where investors could monitor their investment profits — profits that the SEC alleges were fictitious.

Michael Shillin also allegedly lied to an investor about an insurance policy having a long-term care benefit. The suit alleges that the client did not uncover Mr. Shillin’s deceit until after he fell ill.

According to the SEC lawsuit, another client alleged that he decided to retire early after Michael F. Shillin made material misrepresentations about his portfolio, telling the client he was $450,000 richer than he really was. This nest egg purportedly came from returns on SpaceX stock. Numerous investor disputes on Mr. Shillin’s BrokerCheck record allege that he claimed to have purchased shares of SpaceX that never existed.

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This SEC suit is only the latest regulatory action on Michael Shillin’s record. FINRA barred Michael Shillin in 2020 following allegations that he failed to provide on-the-record testimony, as required by FINRA rules. Mr. Shillin acknowledged he had received the request but refused to provide testimony.

Alliance Global Partners fired Michael Shillin following allegations that he had altered documents to show proof of a long-term care insurance policy that did not exist. He also allegedly provided falsified documents to the firm during the investigation in an apparent effort to explain his actions.

In addition to Michael Shillin’s misconduct, his brokerage firms may have failed to adequately supervise him. Firms are required to maintain a system reasonably designed to achieve compliance with FINRA rules and regulatory requirements. If you lost money while working with Michael Shillin, the brokerage firm may be liable for any losses you suffered as a result of his misconduct.

Michael Shillin has worked with the following brokerage firms and advisory firm:

  • International Assets Investment Management
  • A.G.P. / Alliance Global Partners
  • Raymond James Financial Services
  • Edward Jones

Kurta Law is providing free case evaluations for investors who worked with Michael Shillin and/or Shillin Wealth Management. Investors may still be able recover their losses through FINRA arbitration. To speak with an experienced securities fraud attorney, call Jonathan Kurta at 877-600-0098 or email info@kurtalawfirm.com.

About Kurta Law

Kurta Law is a national securities law firm that has recovered over $100 million on behalf of defrauded investors. Founding partner Jonathan Kurta exclusively represents investors and has litigated thousands of cases. Kurta Law is based in New York, New York.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211101005719/en/

CONTACT: Kurta Law

Jonathan Kurta

877-600-0098

info@kurtalawfirm.com

Kurtalawfirm.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Kurta Law

Copyright Business Wire 2021.

PUB: 11/01/2021 11:28 AM/DISC: 11/01/2021 11:28 AM

http://www.businesswire.com/news/home/20211101005719/en