SEC Files Suit Against Wisconsin Advisor For Allegedly Defrauding Clients

Posted on September 24th, 2021 at 12:43 PM
SEC Files Suit Against Wisconsin Advisor For Allegedly Defrauding Clients

From the Desk of Jim Eccleston at Eccleston Law:

The Securities and Exchange Commission (SEC) has charged Michael Shillin for allegedly defrauding nearly 100 clients, including several elderly clients. Shillin made several misrepresentations to clients and fabricated documents, according to the SEC. The SEC’s complaint alleges that Shillin not only lied to clients about the current value of their portfolios, but also falsely informed clients that their funds had been allocated to IPO or pre-IPO shares in high-profile companies. 

Furthermore, the complaint alleges Shillin convinced numerous clients to roll over their current life insurance policies into new ones, which prompted clients to sell securities to fund premiums for policies that were non-existent or unsuitable. Due to the fraudulent conduct, Shillin collected hundreds of thousands of dollars, according to the SEC. The SEC seeks injunctive relief, disgorgement with prejudgment interest, a civil penalty as well as a bar to prevent Shillin from serving as officer or director of a public company. 

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

Tags: eccleston, eccleston law, sec, defrauding clients

Return to Archive



This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.


September 22, 2023
State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.

September 21, 2023
SEC Charges Private Equity Firm Over Fee Disclosure Failures to Affiliate

The Securities and Exchange Commission (SEC) has charged Prime Group Holdings LLC, a private equity firm specializing in alternative real estate asset investments, with
inadequate disclosure of millions of dollars in real estate brokerage fees paid to a brokerage firm owned by its CEO.

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).