A federal grand jury in Wisconsin has indicted a former financial advisor with nine counts of wire fraud and one count of bank fraud.

The indictment accuses Michael Shillin, the owner of financial advisory firm Shillin Wealth Management, of running a scheme in which he convinced clients that he bought non-public stock in well-known companies, earning them hundreds of thousands of dollars, when in fact he never bought the stocks, according to the U.S. Attorney’s Office for the Western District of Wisconsin.

Shillin also allegedly convinced clients to buy insurance policies, on which he received commissions, by misrepresenting the policies’ costs and benefits, the U.S. Attorney’s Office says.

Furthermore, Shillin allegedly sent clients bogus tax documents showing that they were eligible for tax breaks to which they in fact were not entitled, according to the indictment.

Finally, Shillin also allegedly fraudulently obtained $462,000 on behalf of SWM, by showing a $1.2 million on the firm’s account when in fact he was the one who controlled and owned the account, the U.S. Attorney’s Office says.

If convicted, Shillin faces a maximum of 20 years in federal prison for each of the wire fraud charges and a 30-year maximum penalty on the bank fraud charge, according to the U.S. Attorney’s Office.

Shillin had been in the financial services industry since 2011. In 2018, Raymond James discharged him over allegations of “failure to follow firm directive regarding the payment of client CPA fees,” according to BrokerCheck.

In October 2020, Shillin was allowed to resigned from Alliance Global Partners over allegations concerning insurance products.

The Financial Industry Regulatory Authority barred Shillin in December 2020 over his refusal to provide documents for an investigation related to insurance policies. In all, he has collected 44 disclosures in his nine-year career, according to BrokerCheck.

Last month, meanwhile, the Securities and Exchange Commission charged Shillin over allegations of various types of fraud against his clients, as reported. The regulator is seeking injunctive relief, disgorgement with prejudgment interest, a civil penalty and a bar against Shillin.

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