Did you lose money investing with Michael Shillin (CRD# 5927156)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Michael Shillin. If you suffered losses investing with Michael Shillin, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of March 26, 2023, Michael Shillin’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
41 Customer Disputes
3 Regulatory Events
1 Investigation
3 Employment Separation After Allegations
1 Criminal Disclosure
1 Financial Disclosure
1 Civil Disclosure
December 21, 2020 – An AWC was issued in which Shillin was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Shillin consented to the sanction and to the entry of findings that he refused to produce information and documents or appear for 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 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 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. (FINRA Case #2020068226101)
Current and Previous Registrations
05/23/2018 – 10/05/2020 A.G.P. / ALLIANCE GLOBAL PARTNERS (CRD#:8361) Altoona, WI
08/21/2014 – 06/11/2018 RAYMOND JAMES FINANCIAL SERVICES, INC. (CRD#:6694) CHIPPEWA FALLS, WI
07/18/2011 – 08/22/2014 EDWARD JONES (CRD#:250) CHIPPEWA FALLS, WI
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Michael Shillin and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
