The $10 Million Mistake That Taught Me the Value of Trust-Centered Leadership

May 27, 2025

David Miller is an Entrepreneurs’ Organization (EO) member and the founder of Alchemy of Scale, where he helps entrepreneurs unlock both the method and the magic required for business growth, as well as understand the power of trust at the center of leadership. He previously scaled multiple companies and now coaches elite growth-seeking CEOs and their teams.

The buzz of networking conversations filled the air at a conference hall in San Antonio when my phone vibrated in my pocket. It was my chief of staff—my most trusted team member and the one who usually solved problems before I even heard about them.

“David, I have some bad news.”

Those words triggered a chain of events that would cost millions of dollars, transform my understanding of trust, and ultimately, reshape how I lead in business.The moment trust shattered

Our hedge fund trader had gone rogue. He violated the core strategy we’d meticulously built, ignoring safeguards, risk limits, and our playbook. The fund collapsed. In seconds, millions vanished, and there was no way to recover.

I immediately flew back to Atlanta. What followed was devastating: A cumulative financial impact well over $10 million in lost revenue, dozens of lawsuits attacking me and the company, millions in legal fees, and the pain of writing personal checks that eroded my family’s security because my conscience demanded I make clients whole.

Most achingly, I watched relationships with employees and clients, many close friends I’d known for 15+ years, disintegrate. In matters of money, when trust is violated, you rarely get a second chance. This component mentally and emotionally broke me and hard.

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