Double-click the placeholder/textbox to open the Format AutoShape dialog
box. Look on the textbox tab. Is the anchor point set to middle or middle
centered?

Alternatively, even though you've checked the indent markers on the ruler,
maybe your text is a lower level bullet than you realize? If you put your
cursor on that line of text and hit promote/demote, does that fix it?

Oh, or it might be that you need to hit Enter to create a new bullet. Maybe
the original text used Shift+Enter to add line breaks, and those are causing
the problems? Unfortunately, we can't turn on the nonprinting characters to
show the spaces and paragraph markers the way we can in Word, though.