Erez Law is currently investigating Burns Financial Advisors, Inc. principal and owner Robert Burns Mr (CRD# 1286211) regarding exchange-traded fund (ETF) losses. He has been registered with Ausdal Financial Partners, Inc. in Independence, Ohio, since 2011, and Burns Financial Advisors, Inc. in Independence, Ohio, since 2018. He was registered with Burns Financial Advisors, Inc. in Brecksville, Ohio, from 2000 to 2017.
In September 2012, he consented to the described sanctions and to the entry of findings by FINRA. The regulatory agency censured him and sanctioned him to pay a $5,000 civil and administrative fine and ordered to pay $62,491 in restitution related to findings that he “recommended that certain of his customers purchase unit investment trusts (UITs) and only sold UITs issued by one sponsor. The sponsor offered rollover and exchange discounts for investors who used the redemption or termination proceeds from one UIT to purchase another UIT, either from the same UIT series (rollover) or different UIT (exchange). To receive the discount, a customer had to use proceeds from a UIT transaction that occurred within the previous 30 days, entitling the investor to a 1 percent discount of the public offering price. In some cases after a UIT redemption or sale, Burns placed the proceeds in a sponsor money market account and an investor made a new UIT purchase within 30 days.” FINRA found that the broker “was responsible for notifying the sponsor that the transaction involved rollover proceeds. In order for the customer to obtain the discount, Burns was required to enter the transactions on the sponsor computer system and click on a box indicating that the purchase was made with rollover proceeds. In certain instances, Burns failed to provide customers with the maximum sales charge discounts on UIT purchases that were made within 30 days and were based on redemption proceeds from the money market accounts. For approximately 103 customer accounts involving 555 transactions, Burns effected transactions and collected approximately $62,491 in excess sales charges when he failed to ensure that customers obtained the reduced sales charges on UIT transactions.”
Robert Burns Mr Customer Complaints
He has been the subject of two customer complaints between 2007 and 2026, according to his CRD report. The most recent complaint was regarding:
July 2026. “Client alleges excessive trading, account was not accurately profiled to be conservative to moderate in risk based on the client’s age and decline of account value between 2020 and 2025. All activity in advisory accounts through rep’s RIA firm.” The customer is seeking $200,000 in damages. The complaint was regarding exchange-traded fund (ETF) losses.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Ausdal Financial Partners, Inc. may be liable for investment or other losses suffered by Robert Burns Mr’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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