The Financial Industry Regulatory Authority barred Shillin in December of last year, saying he had resigned under investigation by his affiliated firm, Alliance Global Partners. The Finra letter, quoting the company’s termination notice, said he had “resigned while under investigation for creating and altering documents and emails ‘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 LTC 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 SEC is seeking the disgorgement of ill-gotten gains and civil penalties for what it says ran afoul of laws including the Investment Advisers Act of 1940. While the SEC doesn’t name a specific financial penalty, Finra’s BrokerCheck site show clients seeking damages in some case of up to $1 million for Shillin’s alleged misrepresentation of the securities they owned.
Shillin founded Shilllin Wealth Management, a now defunct firm, in 2018 after previously working at another firm affiliated with Raymond James (BrokerCheck says), where he gave advice to more than 1,110 clients, according to the SEC. While at Shillin Wealth Management, he had 1,000 advisory clients with 3,000 accounts. He applied to register with another firm in October 2020.
According to a story in the Eau Claire, Wis., newspaper, the Leader-Telegram, Shillin was also sued by a former employee for back pay.
Attempts to reach Shillin and Shillin Wealth Management were unsuccessful. One number rerouted to the general number for Alliance Global Partners. Another number rerouted to a firm with a different name.