Michael Shillin, Formerly of Alliance Global Partners, Barred by FINRA After Refusing to Provide Documents or Information

Shillin is barred from associating with any FINRA member firm as of December 2020.

Michael Shillin (CRD#: 5927156) was registered as a broker Alliance Global Partners (“AGP”) from 2018 until 2020. Previously, Shillin was registered as a broker with Raymond James Financial Services from 2014 until 2018.

Shillin has eight disclosures on his BrokerCheck report.

May 2020 Regulatory Judgment

• Status: Final
• Initiated By: United States Securities and Exchange Commission
• Allegations: 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.
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Bar
• Registration Capacities Affected: All capacities
• Duration: Indefinite
• Start Date: 12/21/2020

December 2020 Customer Dispute

• Status: Pending
• Allegations: 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.
• Damage Amount Requested: $30,000.00

November 2020 Customer Dispute

• Status: Pending
• Allegations: 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.
• Damage Amount Requested: $5,000.00

November 2020 Investigation

• Initiated By: FINRA, Dept of Enforcement
• Description of Investigation: To determine whether violations of the federal securities laws or FINRA, NASD, or MSRB rules have occurred.

October 2020 Customer Dispute

• Status: Settled
• Allegations: The client alleged that Mr. Shillin made misrepresentations relating to the amount and source of expected dividends in his account.
• Damage Amount Requested: $20,000.00
• Settlement Amount: $22,991.67

October 2020 Employment Separation After Allegations

• Firm Name: AGP
• Termination Type: Voluntary Resignation
• Allegations: 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.

October 2020 Employment Separation After Allegations

• Firm Name: AGP
• Termination Type: Voluntary Resignation
• Allegations: Supposed violation concerning insurance product providing for long-term care.

May 2018 Employment Separation After Allegations

• Firm Name: Raymond James Financial Services, Inc.
• Termination Type: Discharged
• Allegations: Failure to follow firm directive regarding the payment of client CPA fees.

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Michael Shillin. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.