The Securities and Exchange Commission says it has barred a former financial advisor who’s facing decades in prison following an October indictment on criminal charges.

In September 2021, the SEC charged Michael Shillin of Appleton, Wisconsin, with defrauding at least 100 investment advisor clients through a variety of schemes involving bogus life insurance policies, initial public offerings and more, as reported.

Shillin had already been barred in January 2021 by the Wisconsin Department of Financial Institutions over misconduct reported by his investment clients, including misrepresenting expected returns and other violations, according to an administrative document the SEC published last week.

On Friday, the SEC said it barred Shillin from the industry in light of the previous actions.

Shillin is also facing a maximum of 20 years in federal prison for each of the nine wire fraud charges and a 30-year maximum prison sentence on the bank fraud charge that he was indicted on in October, as reported.

Shillin joined the financial services industry in 2011, according to BrokerCheck. In May 2018, Raymond James Financial Services discharged him over allegations of “failure to follow firm directive regarding the payment of client CPA fees,” according to his record. And in October 2020, Shillin was allowed to resign from Alliance Global Partners over allegations related to insurance products and falsified documents provided to the firm during its investigation, according to BrokerCheck.

The Financial Industry Regulatory Authority barred Shillin back in December 2020 over his refusal to provide requested information for an investigation related to insurance policies.

In all, Shillin has racked up 45 disclosures in his nine-year career, according to BrokerCheck.

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