David McMillen: $75K-$125K Complaint Against Foundation Wealth Advisor

Boulder financial advisor David McMillen (CRD# 1198070) is involved in an investor complaint alleging his investment advice resulted in five- to six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Crown Capital Securities, doing business as Foundation Financial and Foundation Wealth Management.

Mr. McMillen’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in March 2023, alleges that as a representative of Crown Capital Securities, he breached his fiduciary duty, engaged in negligence, and recommended unsuitable investments, including a non-traded business development company and a non-traded real estate investment trust. The pending complaint alleges damages of $75,000 to $125,000.

A second investor complaint, filed in 2018, alleged that as a representative of Crown Capital Securities, he recommended unsuitable products with limited liquidity. In 2019 the complaint reached a settlement of $250,000.

A third investor complaint, filed in 2017, alleges that he recommended illiquid investments that resulted in the customer being “unable to ascertain their financial position.” In 2019 the complaint reached a settlement of $1.5 million. In a statement included with the complaint’s disclosure, Mr. McMillen defended himself against the allegations. “I categorically believe that I always act in my client’s best interest and that this client was totally suitable for the programs under discussion,” he wrote, adding: “They were put into place with many conversations with the client as to the pros and cons of each program as well as the liquidity/risk factors lodged in this complaint. The client actually invested far less than the named amount and losses (if any) cannot be determined at this time.”

According to the Financial Industry Regulatory Authority, David McMillen holds 39 years of securities industry experience. Based in Boulder, Colorado, he has been a broker and an investment advisor with Crown Capital Securities since 2003, doing business as Foundation Financial and Foundation Wealth Management. His past registrations include Multi-Financial Securities Corporation, SunAmerica Securities, Lincoln Financial Advisors Corporation, the Lincoln National Life Insurance Company, Equico Securities, the Equitable Life Assurance Society of the United States, InterFinancial Securities, and First Investors Corporation. His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Colorado, Florida, Michigan, and New York. (Information current as of April 30, 2023.)

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