David McMillen Allegedly Purchased Unsuitable Alternative Investments for Client
David McMillen (CRD #: 1198070), a broker registered with Crown Capital Securities, allegedly purchased unsuitable investments for a client, according to his BrokerCheck record, accessed on May 18, 2023. Keep reading if you have questions about his alleged conduct as a broker.
On April 3, 2023, an investor alleged that David McMillen acted negligently with regard to purchases of unsuitable alternative investments. The client seeks $125,000 in damages in this pending dispute.
In a dispute filed on March 13, 2018, an investor alleged that David McMillen sold her unsuitable investments with limited liquidity. This dispute was settled for $250,000.
On December 12, 2017, an investor filed a dispute alleging that David McMillen facilitated investments that the client was unable to liquidate and/or unable to determine their value. The client sought $20 million in damages and received a settlement of $1.5 million.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles, which describe characteristics such as their age, tax status, and risk tolerance.
Investors who rely on brokers for investment recommendations can potentially recover their losses by seeking out FINRA arbitration.
What is broker negligence?
Brokers may act in many negligent ways, including recommending unsuitable investments, omitting material facts, or executing unauthorized trades.
Investors who feel their losses are the result of broker negligence may be able to recover their funds by pursuing FINRA arbitration.
David McMillen has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- Series 65 – Uniform Investment Adviser Law Examination
- SIE – Securities Industry Essentials Examination
- Series 22 – Direct Participation Programs Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
- Series 26 – Investment Company Products/Variable Contracts Principal Examination
David McMillen is a registered broker in California, Colorado, Florida, Michigan, and New York. He is also a registered investment adviser in Colorado.
He has also worked for the following firms:
- Multi-Financial Securities Corporation (CRD#:10299)
- SunAmerica Securities (CRD#:20068)
- Lincoln Financial Advisors (CRD#:3978)
- The Lincoln National Life Insurance Company (CRD#:2580)
- Equico Securities (CRD#:6627)
- The Equitable Life Assurance Society of the United States (CRD#:4039)
- Interfinancial Securities (CRD#:10422)
- First Investors Corporation (CRD#:305)
Kurta Law Can Help
If you worked with David McMillen and you have concerns about your investments, please contact us today at 877-600-0098 or email@example.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.