A former Altoona-based financial advisor faces criminal charges after the Feds say he lied to and defrauded clients.
According to the federal indictment, Michael Shillin’s company managed nearly 3,000 accounts and more than $135 million.
Last month, the Securities and Exchange Commission (SEC) filed a complaint against Shillin.
A settlement in that case was made public last week.
Wednesday, a Federal Grand Jury indicted Shillin on nine counts of wire fraud and one count of bank fraud.
The indictment claims Shillin, the owner of the now-defunct Shillin Wealth Management, engaged in a scheme to defraud clients.
Investigators say he falsely told clients he made them hundreds of thousands of dollars by purchasing stock in companies, which the SEC said was a lie.
The indictment also charges Shillin with defrauding a bank by taking out more than $450,000 in loans using a client’s banking information.
If convicted, Shillin faces up to 20 years in federal prison for each wire fraud charge and a maximum of 30 years for the bank fraud charge.
WEAU reached out to Shillin for a comment. He referred us to his attorney for a statement.
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