ALTOONA Wis. (WLAX/WEUX) – A former Altoona-based financial advisor accused of defrauding his clients and a bank is sentenced in federal court. Michael Shillin was ordered to serve seven years in prison and five years on supervised release.
In May he pleaded guilty to wire fraud and bank fraud as part of a plea agreement. Eight other counts were dismissed. Investigators say Shillin fabricated documents and lied to at least 100 clients, taking their money to make non-existent investments.
He was also accused of defrauding a bank by taking out more than 450-thousand dollars in loans using a client’s banking information. At sentencing, the judge said the victims should not feel bad because they were defrauded by a quote “highly skilled manipulator” who had “vast experience in deceit.”