William Burks II Complaints, FINRA Suspension & Centaurus Financial Investigation
FINRA reportedly suspended broker William Charles Burks II for four months in 2025 after finding he recommended unsuitable concentrations of illiquid alternative investments to customers while registered with Centaurus Financial, Inc. The White Law Group is reviewing William Burks II complaints and investor losses tied to non-traded REITs, business development companies, and interval funds recommended during his time at the firm. If you invested through Burks and suffered losses, our FINRA arbitration attorneys can help you evaluate your options.
Who Is William Burks II?
William Charles Burks II, also known as Bill Burks II (CRD# 2944992), is a broker and investment adviser based in Flower Mound, Texas. He has been registered with Centaurus Financial, Inc. since approximately 2000, meaning the firm carried supervisory responsibility over his recommendations under FINRA rules throughout that time.
FINRA Sanctions Against William Burks II
In August 2025, FINRA sanctioned Burks in a matter he settled without admitting or denying the findings. FINRA alleged that he recommended excessive concentrations in illiquid alternative investments, including non-traded REITs, business development companies, and interval funds, that were inconsistent with customers’ conservative or income-focused objectives. FINRA also alleged he submitted documentation that misrepresented investor risk tolerance.
Burks was suspended from the securities industry from September 15, 2025 through January 14, 2026, and fined $10,000.
William Burks II Complaints and Investor Allegations
Burks has been named in multiple customer complaints and FINRA arbitration claims alleging unsuitable investment recommendations. One pending 2025 complaint alleges unsuitable and speculative alternative investment recommendations with claimed damages of $80,000. A separate pending 2024 complaint alleges breach of fiduciary duty and excessive risk exposure, with claimed damages of $200,000.
Settled Customer Disputes Involving William Burks II
Several earlier disputes involving Burks have settled. Settlement does not mean a broker admitted wrongdoing, but a pattern of settled claims is often relevant to evaluating supervisory failures.
- February 2024: allegations of unsuitable and illiquid investment recommendations, claimed damages over $1,000,000, settled for approximately $287,500.
- August 2023: allegations involving alternative investment recommendations from 2017 to 2019, claimed damages of $580,000, settled for approximately $299,000.
- May 2023: allegations of risky and unsuitable investment recommendations, settled for approximately $225,000.
Alternative Investments at Issue in William Burks II Complaints
The complaints against Burks center on illiquid alternative investments, including non-traded REITs, business development companies, interval funds, and private placements. These products often carry long holding periods, high internal fees, and limited ability to exit a position, which can make them unsuitable for retirees or investors who need access to their money.
You may have a potential claim if you were placed heavily into these products, your portfolio became illiquid, you experienced significant losses, or your investments didn’t match your stated risk tolerance and objectives.
Contact The White Law Group
The White Law Group is a national securities fraud and investment loss recovery law firm with offices in Chicago and Seattle. If you invested through William Burks II or Centaurus Financial and suffered losses, call us at (888) 637-5510 for a free consultation, or contact us online. Learn more about the FINRA arbitration process for recovering investment losses.
Frequently Asked Questions
1. How do I file a claim to recover losses from William Burks II or Centaurus Financial?
Most brokerage account agreements typically include a pre-dispute arbitration clause, so investor claims against firms like Centaurus Financial are generally filed and resolved through FINRA arbitration rather than in court. A successful claim can recover investment losses, interest, and in some cases arbitration costs and attorney’s fees. The White Law Group represents investors nationwide in FINRA arbitration and offers a free consultation to evaluate your claim.
2. What does “unsuitable investment recommendation” mean in the William Burks II case?
A recommendation is unsuitable when it doesn’t match an investor’s financial situation, risk tolerance, or objectives. FINRA alleges Burks placed customers into concentrated positions in illiquid alternative investments, including non-traded REITs and business development companies, that were inconsistent with conservative or income-focused goals. Illiquid investments like these can be hard to sell and often carry higher fees and less transparency than traditional securities.
3. Can Centaurus Financial be held responsible if it didn’t approve Burks’ specific recommendations?
Yes, brokerage firms have a duty to supervise their registered representatives, and Centaurus Financial can be held liable if it failed to catch red flags in Burks’ recommendations even without approving each transaction directly. This is known as failure to supervise, and it’s a common basis for investor claims when a pattern of complaints and regulatory sanctions suggests inadequate oversight. An attorney can evaluate whether supervisory failures contributed to your losses.
