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David Millican Embroiled in a Million-Dollar Dispute

May 13, 2022 Unsuitable Investments

David Millican (CRD #: 2788060), a broker registered with Arkadios Capital, is involved in an investor dispute. This is according to his BrokerCheck record, accessed on May 13, 2022.

On March 1, 2022, an investor alleged that David Millican recommended unsuitable alternative investments. The investor also believes these investments were overconcentrated. The investor is seeking $1,000,000 in this pending dispute.

Unsuitable Recommendations

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. An investor's profile includes information about their risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

  • Investments can be unsuitable because they are high risk and likely to lose money (like alternative investments).
  • These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are overconcentrated in a particular stock or sector.

Background Information

David Millican has passed the following exams:

  • Series 66 Uniform Combined State Law Examination
  • Series 63 Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 31 Futures Managed Funds Examination
  • Series 7 General Securities Representative Examination
  • Series 24 General Securities Principal Examination
  • Series 10 General Securities Sales Supervisor – General Module Examination
  • Series 9 General Securities Sales Supervisor – Options Module Examination

He is a registered broker in seven states and is a registered investment adviser in Georgia.

David Millican has worked for the following firms:

  • Arkadios Capital (CRD #: 282710)
  • Arkadios Wealth Advisors (CRD #: 288863)
  • ACG Wealth (CRD #: 150419)
  • Triad Advisors (CRD #: 25803)
  • Atlanta Capital Group (CRD #: 150419)
  • LPL Financial Corporation (CRD #: 6413)
  • Wachovia Securities Financial Network (CRD #: 11025)
  • Morgan Keegan & Company (CRD #: 4161)
  • G. Edwards & Sons (CRD #: 4)

Kurta Law Can Help

If you worked with David Millican and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated on behalf of investors recovering their investment losses from stockbrokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors. We work on a contingency basis, which means that the firm only earns a fee if our securities attorneys recover money on your behalf. Reach out and we can tell you what steps to take to restore your lost funds.