ALTOONA (WQOW) - A financial advisor from the Chippewa Valley is charged in federal court with nine counts of wire fraud, and one count of bank fraud.
According to the U.S. Department of Justice, Michael Shillin, the owner of Shillin Wealth Management, ran a scam to defraud clients by making misrepresentations to them.
The indictment alleges that Shillin told his clients that he purchased stock on their behalf and that they had made hundreds of thousands of dollars on these investments, when in fact, Shillin had not purchased the stocks.
It further alleges that Shillin frauded clients through other means as well. This included convincing clients to purchase insurance policies by misrepresenting their costs and benefits, some of which he received commission on.
The indictment also charges Shillin with defrauding a bank by obtaining two loans, totaling $462,000, by using fraudulent collateral.
If convicted, Shillin faces a maximum penalty of 20 years in federal prison on each wire fraud charge, and a maximum penalty of 30 years on the bank fraud charge.
A webpage for Shillin's business is no longer operational.