Close Menu
Free Consultation: 888-976-6111

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.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Steve Haskell: $250K Complaint Against Ex-WealthForge Advisor

    Indianapolis financial advisor Steve Haskell (CRD# 6864948) recently received an investor complaint alleging his advice resulted in six-figure damages. Financial...

    Read More
  • Brad May: $395K Complaint Against Southern Ethos Wealth Advisor

    Sandersville, Georgia financial advisor Brad May (CRD# 5162373) recently received an investor complaint alleging he made unsuitable investment recommendations. Financial...

    Read More
  • Brian Dumont: $500K Complaint Against Ex-Cambridge Advisor

    Former New York City broker Brian Dumont (CRD# 4737802) recently received an investor complaint alleging his conduct resulted in six-figure...

    Read More
  • John Aguilera: Advanced Financial Advisor Receives $240K Complaint

    Vista, California financial advisor John Aguilera (CRD# 2066720) recently received an investor complaint alleging that his conduct resulted in six-figure...

    Read More
  • Previous
  • Next