Tr?id=566623520170033&ev=PageView&noscript=1

Former Wisconsin Advisor Receives 84-Month Prison Sentence For Fraud

Posted on September 13th, 2022 at 3:39 PM
Former Wisconsin Advisor Receives 84-Month Prison Sentence For Fraud

From the Desk of Jim Eccleston at Eccleston Law.

A former Wisconsin-based advisor has received an 84-month prison sentence for defrauding nearly 100 investors and a bank, according to the Department of Justice.

The former advisor, Michael Shillin, pleaded guilty to the charges in May and was subsequently barred from the securities business by the Financial Industry Regulatory Authority (FINRA). According to prosecutors, Shillin falsely informed clients that their funds would be used to purchase shares of pre-IPO stocks in companies such as Space-X and Palantir. Shillin also falsely represented to investors that they were eligible for tax benefits and that he purchased long-term care insurance policies on their behalf. Shillin instead used fraudulent collateral to obtain $462,000 in bank loans.

Chief U.S. District Judge James Peterson, who handed down the sentencing in this case, called Shillin “resolutely dishonest,” a “very selfish person” and a “highly skilled manipulator” who had “vast experience in deceit.” The SEC additionally charged Shillin in a parallel case with violating anti-fraud provisions, alleging that he fabricated documents and regularly deceived his clients, including several elderly investors. In one instance, Shillin falsely informed a client that his Space-X investment generated $450,000 in profits, which prompted the client to retire early.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!

David Y

LATEST NEWS AND ARTICLES

1774288690 Law
March 23, 2026
FINRA Charges Sutter Securities and Former CEO in Excessive Trading Case Involving Elderly Client

The Financial Industry Regulatory Authority (FINRA) has filed an enforcement complaint against Sutter Securities Inc.

1774034084 Law
March 20, 2026
McKinsey Forecasts Sweeping Changes for Wealth Management Over the Next Decade

The U.S.

1773930497 Law
March 19, 2026
Stifel Faces Proposed ERISA Class Action Over 401(k) Fund Performance

According to ThinkAdvisor, Stifel Financial now faces a proposed class action lawsuit that accuses the firm of mismanaging its profit sharing 401(k) retirement plan in violation of the Employee Retirement Income Security Act (ERISA).