Haselkorn & Thibaut, P.A., operating as InvestmentFraudLawyers.com, has opened an independent investigation into William Charles Burks II (CRD# 2944992), a financial advisor based in Flower Mound, Texas, registered with Centaurus Financial, Inc. If you or someone you know suffered losses with this advisor or through investments recommended by Centaurus Financial, contact our attorneys at 1-888-885-7162 for a free, confidential consultation. Our firm’s 98% success rate, 95+ years of combined securities law experience, and No recovery, no fee model mean we are uniquely qualified to fight for your recovery.
Our investigation is focused on potential losses linked to allegations of unsuitable recommendations, excessive concentrations in illiquid alternative investments, and supervisory failures. We leverage our former defense and Wall Street experience to advocate for investors nationwide, using our insider knowledge to expose misconduct and aggressively pursue the recovery of your funds.
Who Is William Charles Burks II (Bill Burks II) of Centaurus Financial, Inc.?
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Based in Flower Mound, Texas, William Charles Burks II has been registered as both a broker and investment adviser with Centaurus Financial, Inc. for over 20 years. According to FINRA, his career spans approximately 28 years, consistently with the same broker-dealer. Investors commonly encounter his name when searching for trusted investment professionals or in connection with the sale of non-traded REITs, business development companies (BDCs), and other alternative investments.
Red Flags and Allegations: What We Found
Although a recent BrokerCheck summary review did not disclose pending complaints or regulatory actions as of this writing, our independent investigation and review of industry records, recent arbitration filings, and regulatory findings suggest multiple warning signs that may affect investors, particularly those with losses in complex, illiquid alternative products.
- FINRA Disciplinary Action: In August 2025, William Burks II was sanctioned by FINRA. The findings centered on Burks recommending excessive concentrations in illiquid, high-risk alternatives such as non-traded REITs, BDCs, and interval funds, exposing investors to losses that were misaligned with conservative or income-focused objectives.
- Investor Risk Misrepresentation: FINRA alleged documentation submitted by Burks may have misrepresented client risk tolerance, increasing inappropriate exposure to risky assets.
- Regulatory Penalties: He was suspended from the securities industry for four months and ordered to pay a $10,000 fine (September 15, 2025 – January 14, 2026).
Specific Customer Complaints and Settlements
Our review identified several investor complaints, both pending and resolved, alleging that Burks recommended investments unsuited to his clients’ needs, with an emphasis on alternative products carrying significant liquidity and loss risk.
| Year & Status | Allegations | Claimed Damages | Outcome |
|---|---|---|---|
| 2025 Pending |
Unsuitable, speculative illiquid investments | $80,000 | Arbitration ongoing |
| 2024 Pending |
Breach of fiduciary duty, excessive risk | $200,000 | Pending |
| Feb 2024 Settled |
Unsuitable, illiquid alternative investments | $1,000,000+ | Settled for ~$287,500 |
| Aug 2023 Settled |
Alternative investment recommendations (2017-2019) | $580,000 | Settled for ~$299,000 |
| May 2023 Settled |
Risky and unsuitable investment recommendations | – | Settled for ~$225,000 |
It is important to remember that settlements do not equate to an admission of wrongdoing. However, multiple claims and substantial payouts may be indicative of repeated conduct or systemic supervisory failures within Centaurus Financial, Inc.
Common Investments Involved: What Should You Watch For?
Most complaints and regulatory findings involving William Burks II point to the improper sale of the following:
- Non-traded Real Estate Investment Trusts (REITs)
- Business Development Companies (BDCs)
- Interval Funds
- Private Placements & Other Illiquid Alternatives
Major risk factors include:
- Illiquidity – significant restrictions or delays in accessing funds
- Complex and opaque valuations
- High internal fees and commissions
- Difficulty exiting positions without loss
- Concentration risk – too much of your portfolio tied to alternative products
These risks are particularly acute for conservative investors, retirees, or those with liquidity needs, and FINRA has repeatedly cautioned firms to avoid inappropriate sales to these populations.
Centaurus Financial’s Supervisory Duty & Potential Recovery Options
Brokers are obligated under FINRA Rule 2111 to ensure investment suitability. Centaurus Financial, Inc. holds a critical duty to supervise its representatives closely. When repeated customer complaints and regulatory sanctions arise, these may signal deeper problems in compliance, monitoring, or training.
We help clients pursue FINRA arbitration claims for recovery related to:
- Financial losses from illiquid or high-risk investments
- Out-of-pocket damages and lost opportunity
- Interest and arbitration costs
- Potential attorney’s fees
Most claims can be pursued via FINRA arbitration, not in traditional court, enabling investors to seek confidential, streamlined recourse.
Do You Have a Claim in Texas Against William Burks II or Centaurus Financial?
Based on our review, you may have grounds to pursue recovery if you:
- Were placed in significant positions in non-traded REITs, BDCs, or similar investments recommended by William Burks II
- Experienced unexpected losses or illiquidity in your portfolio
- Felt your portfolio deviated from your conservative or income-oriented objectives
- Did not receive full disclosure of the risks or liquidity restrictions of investments
- Observed your broker emphasizing income while downplaying risk
Haselkorn & Thibaut’s attorneys are prepared to leverage our 95+ years’ experience and our former Wall Street defense backgrounds to fight for your recovery. We are recognized in the Top 2% of lawyers peer-reviewed by Martindale-Hubbell (AV Preeminent), are Super Lawyers-designated, and have earned 5.0-star client reviews nationwide.
What Steps Should You Take Next?
Protect your rights and pursue the recovery you deserve. If you suffered losses with William Burks II (CRD# 2944992) or Centaurus Financial, Inc., contact us for a free and confidential consultation at 1-888-885-7162. Our attorneys will personally evaluate your potential claim, and if we do not recover your funds, you owe us nothing.
For the most current information on any advisor, verify details directly at FINRA’s BrokerCheck.
