Centaurus Financial, Inc. broker William Burks II (CRD# 2944992) faces customer complaints related to unsuitable investment recommendations. He has been registered with Centaurus Financial, Inc. in Flower Mound, Texas, since 2000.
In August 2025, FINRA suspended him for four months related to allegations that he invested between 51% and 91% of a client’s net worth in illiquid alternative investments, grossly exceeding the typical 10% limit on net worth that firms place on alternative investments. FINRA fined him $10,000. The broker accepted the findings without admission or denial.
It is alleged that he recommended clients purchase alternative investments, including non-traded real estate investment trusts (REITs), business development companies (BDCs), and interval funds. The illiquid investments had limited liquidity and subjected clients to substantial risk of loss.
William Burks II Customer Complaints
He has been the subject of five customer complaints between 2023 and 2024, one of which was closed without action, according to his CRD report. The most recent complaints are regarding:
August 2024. “The customer alleges that the Registered Representative recommended unsuitable, illiquid, speculative investments and breached his fiduciary duty. No specific dates or investments were identified for the alleged activity in the Statement of Claim.” The customer is seeking $200,000 in damages.
February 2024. “The customers allege that the Registered Representative recommended unsuitable, high-risk, illiquid investments and breached his fiduciary duty. No specific dates for the alleged activity were identified in the Statement of Claim.” The customer is seeking $1,000,000 in damages. The complaint was regarding direct investment and real estate securities.
August 2023. “The customers allege that, during the period of August 2017 through February 2019, the Registered Representative recommended unsuitable, high-risk, and illiquid investments and breached his fiduciary duty.” The customer sought $580,000 in damages, and the case was settled for $299,000. The complaint was regarding direct investments and real estate securities.
May 2023. “The customer alleges that the Registered Representative recommended unsuitable, risky low-value investments. No dates for the alleged activity was identified in the Statement of Claim.” The case is currently pending. The complaint was regarding equity OTC and penny stocks.
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, Centaurus Financial, Inc. may be liable for investment or other losses suffered by William Burks II’s 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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