Michael Shillin, Wire Fraud, Bank Fraud, Wisconsin 2022

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Grimy Times Exclusive: Chippewa Valley Financial Advisor Sentenced for Wire Fraud Scheme

MADISON, WI. – In a shocking turn of events, Michael Shillin, a 33-year-old former financial advisor from Eau Claire, Wisconsin, has been sentenced to 84 months in federal prison for orchestrating a wire fraud scheme that targeted his clients in the Chippewa Valley and beyond.

According to the U.S. Attorney’s Office for the Western District of Wisconsin, Shillin pleaded guilty to three counts of wire fraud on May 23, 2022. The scheme involved misleading his clients into believing they owned shares of pre-IPO stock in high-profile companies such as Space-X and Palantir, long-term care insurance policies when they did not, and tax benefits when they were not eligible.

As the scheme unraveled, Shillin used fraudulent collateral to obtain two bank loans in the aggregate amount of $462,000 to continue the scheme. Shillin’s actions came to light when he took a vacation to St. Thomas in violation of his terms of pretrial release on April 14, 2022.

At sentencing, Chief U.S. District Judge James D. Peterson emphasized the need to impose a sentence that reflected the suffering inflicted on Shillin’s victims. Judge Peterson called Shillin ‘resolutely dishonest’ and a ‘very selfish person.’ He also noted that the victims should not feel bad about being defrauded because they were defrauded by a ‘highly skilled manipulator’ who had ‘vast experience in deceit.’

The charges against Michael Shillin were the result of an investigation conducted by the Federal Bureau of Investigation, the U.S. Department of Labor, Employee Benefits Security Administration, and the Eau Claire and Altoona Police Departments. The Wisconsin Department of Financial Institutions provided assistance. Assistant U.S. Attorneys Zachary J. Corey and Aaron Wegner handled the prosecution of the case.

Shillin’s sentence is a significant blow to the financial advisory community in the Chippewa Valley. His actions have left many victims reeling, and his sentence serves as a reminder of the importance of holding individuals accountable for their actions.

The case against Michael Shillin is a stark reminder of the need for vigilance in the financial sector. As the investigation into Shillin’s actions continues, it is clear that his sentence will serve as a deterrent to others who may consider engaging in similar schemes.