ALTOONA Wis. (WLAX/WEUX) – The former Altoona-based financial advisor accused of lying to and defrauding his clients pleads guilty to wire fraud and bank fraud as part of a plea deal. Michael Shillin made the plea in federal court yesterday to two of the 10 counts he faced.
The other eight will be dismissed. Investigators say he falsely told clients he made them hundreds of thousands of dollars by purchasing stock in companies, which the securities and exchange commission says was a lie.
He was also accused of defrauding a bank by taking out more than 450-thousand dollars in loans using a client’s banking information. Shillin is scheduled to be sentenced on August 25th.