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A banned financial adviser who was facing nine wire fraud charges and one bank fraud charge has pleaded guilty to only one of each, according to news reports.

In October, prosecutors charged Michael Shillin from Appleton, Wisconsin, owner of a financial advisory firm Shillin Wealth Managementto perpetrate a variety of schemes involving allegedly non-public actions, insurance policies and false tax documents.

He faces a maximum of 20 years in federal prison for each of the wire fraud charges as well as a maximum prison term of 30 years for the bank fraud charge he was indicted on in October. as reported.

Last month, Shillin signed an agreement to plead guilty to one count of wire fraud and bank fraud in exchange for the US Attorney’s Office to drop the other charges of wire fraud, as instructed.

On Monday, Shillin pleaded guilty to both counts United States District Court, Western District of Wisconsin, reports WEAU. He still faces up to 50 years in prison.

His sentencing is scheduled for August 25, according to the television channel.

Shillin, who joined the financial services industry in 2011, was fired from Raymond James Financial Services in May 2018 regarding allegations involving the payment of CPA fees from clients.

In 2020, Global Alliance Partners allowed Shillin to resign over allegations related to forged insurance products and documents.

The same year, the Financial Sector Regulatory Authority banned Shillin after refusing to provide information for an investigation related to insurance policies.

the Security and Exchange Commission accused Shillin of defrauding at least 100 clients in a variety of schemes involving fake life insurance policies, initial public offerings and more, as reported.

In January, the regulator also banned Shillin, as reported.

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