Haselkorn & Thibaut is investigating investor complaints involving William Charles Burks II (CRD# 2944992) of Centaurus Financial, Inc., based in Flower Mound, Texas. If you are an investor concerned about your portfolio, you may have options to recover investment losses through a free consultation with Haselkorn & Thibaut’s experienced securities fraud attorneys.
Overview of William Charles Burks II (Bill Burks II), Centaurus Financial, Inc.
Table of Contents
- Name: William Charles Burks II (Bill Burks II)
- CRD #: 2944992
- Broker-Dealer: Centaurus Financial, Inc.
- Location: Flower Mound, Texas
- Industry Experience: Approximately 28 years as a registered broker and investment adviser
- Regulatory History: Multiple customer disputes and regulatory actions
Mr. Burks has been affiliated with Centaurus Financial since approximately 2000, giving Centaurus Financial the regulatory responsibility to supervise his investment recommendations in accordance with FINRA rules.
Complaints, Regulatory Actions & Legal Disclosures
Below you’ll find a researched, detailed summary of formal complaints, regulatory actions, and disclosures related to William Charles Burks II and Centaurus Financial, Inc.
| Date | Forum/Regulator | Type of Action | Allegation Summary | Status/Outcome |
|---|---|---|---|---|
| August 2025 | FINRA | Regulatory Sanction | Alleged unsuitable investment recommendations, excessive concentration in illiquid alternative investments (non-traded REITs, BDCs, interval funds), misrepresentation of risk tolerance. | 4-month suspension (9/15/2025 – 1/14/2026); $10,000 civil fine |
| 2025 (Pending) | FINRA Customer Arbitration | Customer Complaint | Alleged unsuitable and speculative alternative investment recommendations. | Claimed damages: $80,000; pending arbitration |
| 2024 (Pending) | FINRA Customer Arbitration | Customer Complaint | Alleged breach of fiduciary duty; unsuitable investments and excessive risk exposure. | Claimed damages: $200,000; pending |
| Feb 2024 | FINRA Customer Arbitration | Settlement | Alleged unsuitable and illiquid investments. | Claimed damages: $1,000,000+; settled for approx. $287,500 |
| Aug 2023 | FINRA Customer Arbitration | Settlement | Alternative investment recommendations (2017–2019). | Claimed damages: $580,000; settled for approx. $299,000 |
| May 2023 | FINRA Customer Arbitration | Settlement | Risky and unsuitable investment recommendations. | Settlement: approx. $225,000 |
Patterns Observed with William Burks II and Centaurus Financial Complaints
- Non-Traded REITs
- Business Development Companies (BDCs)
- Interval Funds
- Private Placements and Other Illiquid Alternatives
Many complaints allege that customers were recommended products that featured:
- High levels of risk and illiquidity
- Complex fee and commission structures
- Difficulty selling or exiting investments
- Portfolio overconcentration in illiquid securities
FINRA has cautioned that these investment types may be inappropriate for conservative investors, retirees, or anyone needing reliable portfolio liquidity.
Supervisory Responsibility of Centaurus Financial, Inc.
Centaurus Financial, as a broker-dealer, bears legal responsibility to monitor and supervise the activities of its registered representatives including Mr. Burks. Their obligations include:
- Ensuring suitable investment recommendations consistent with client goals and risk tolerance.
- Detecting red flags in sales of illiquid or high-risk investments.
- Reviewing customer investment profiles for completeness and accuracy.
- Complying with FINRA Rules 2111 (Suitability) and 3110 (Supervision).
If multiple client losses or regulatory actions occur, potential failure to supervise is often a key legal issue for investors seeking recovery.
Frequently Alleged Issues by Investors
- You were heavily invested in non-traded REITs or BDCs without understanding the risks.
- Your account or portfolio became largely illiquid or inaccessible.
- You suffered unexpected investment losses and felt risks were not fully disclosed.
- The investments did not match your stated investment objectives (such as income, preservation of capital, or risk aversion).
- You later learned about steep internal fees, commissions, or restrictions when trying to withdraw funds.
Can You Recover Your Losses?
If you worked with William Burks II at Centaurus Financial, Inc. and experienced losses in alternative or illiquid investments, you may qualify to pursue recovery via FINRA arbitration. Recoverable damages may include investment losses, interest, and in some cases, attorneys’ fees and costs. FINRA arbitration is the standard resolution channel for these types of disputes with brokers and investment advisers.
Steps to Take: Check Your Claim Status
- Review your portfolio for non-traded REITs, BDCs, interval funds, or other illiquid investments.
- Check your investment objectives and risk tolerances as documented in your new account forms.
- Look for instances where communications with your advisor may have minimized transparency regarding fees, liquidity restrictions, or potential investment risks.
- Visit FINRA BrokerCheck and enter CRD# 2944992 for details and additional disclosures.
Why Choose Haselkorn & Thibaut?
- Nationwide securities fraud law firm with over 50 years’ experience
- 98% success rate and millions of dollars recovered for clients
- No recovery, no fee: risk-free, confidential consultations
Haselkorn & Thibaut is currently accepting new clients for claims against William Burks II and Centaurus Financial, Inc. If you or a loved one have concerns about your investments, don’t wait—call now for a free consultation: 1-888-885-7162.
Contact Haselkorn & Thibaut today—your recovery starts with a conversation.
