(WFRV) – A financial advisor in Wisconsin was handed down a prison sentence after he orchestrated a scheme that included misleading clients into believing they had shares of Space-X.
According to the Wisconsin Department of Justice, 33-year-old Michael Shillin was sentenced to 84 months (seven years) in federal prison for his orchestrating a scheme. He was accused of defrauding his clients and committing bank fraud.
Shillin pleaded guilty to the charges on May 23. He was remanded into custody on April 14 because he reportedly vacationed in St. Thomas. This violated the terms of his release that didn’t allow him to travel outside of Wisconsin.
He worked as a financial advisor and had clients throughout the Chippewa Valley and beyond. He ended up pleading guilty to a three-part wire fraud scheme.
The scheme was:
- Misled his clients by telling them that they owned shares of pre-IPO stock in high-profile companies like Space-X and Palantir
- Misled his clients into believing they had long-term care insurance policies when they did not
- Misled his clients into believing they were eligible for tax benefits when they were not
Officials mentioned that as the scheme came apart, Shillin used fraudulent collateral to get two bank loans in the total amount of $462,000 to continue the scheme.
At the sentencing, Chief U.S. District Judge James Peterson said he needed to impose a sentence for this ‘pretty horrifying crime’ that reflected the suffering that Shillin inflicted on his victims. Judge Peterson also called Shillin a ‘very selfish person’.
The investigation was done by:
- U.S. Department of Labor
- Employee Benefits Security Administration
- Eau Claire Police Departments
- Altoona Police Departments
No additional information was provided, Local 5 will update this story if more details are released.