Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into Flower Mound, Texas financial advisor Bill Burks following recent FINRA sanctions and multiple investor complaints alleging unsuitable investment recommendations and breached fiduciary duties.
Understanding the Recent FINRA Sanctions Against Bill Burks
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In August 2025, the Financial Industry Regulatory Authority (FINRA) took disciplinary action against Bill Burks (CRD# 2944992), a financial advisor registered with Centaurus Financial. The regulatory body found that Mr. Burks had recommended unsuitable investments to three clients, violating industry rules designed to protect investors.
The core issue centered on concentration risk – Mr. Burks allegedly recommended that clients invest between 51% and 91% of their net worth in alternative investments including:
- Non-traded real estate investment trusts (REITs)
- Business development companies (BDCs)
- Interval funds
These investment products share common characteristics that made them particularly problematic for the clients in question: they were illiquid or had limited liquidity, meaning investors couldn’t easily access their money when needed. This is especially concerning given that two of the three clients specifically had objectives of preserving capital and generating income – goals that typically call for more conservative, liquid investments.
Red Flags for Investors: What This Case Reveals
The Burks case highlights several critical warning signs that investors should watch for when working with any financial advisor:
| Red Flag | What It Means for You |
|---|---|
| Over-concentration in one asset type | If your advisor suggests putting more than 20-30% of your portfolio in any single investment type, ask questions |
| Illiquid investments for conservative investors | Products you can’t easily sell may not match goals of capital preservation or income generation |
| Exceeding firm guidelines | When advisors go beyond their own company’s limits, it suggests aggressive risk-taking |
FINRA found that Mr. Burks violated Rules 2111 and 2010, which govern suitable recommendations and ethical business conduct. As a result, he received a two-month suspension from the securities industry and a $10,000 fine. While Mr. Burks continues to defend his recommendations as suitable based on his clients’ circumstances, the regulatory findings suggest otherwise.
Investor Complaints Paint a Concerning Pattern
Beyond the FINRA sanctions, Mr. Burks faces multiple investor complaints that allege similar misconduct. Understanding these complaints can help investors recognize potential issues in their own portfolios:
The most recent complaint, filed in August 2024, seeks $200,000 in damages and alleges that Mr. Burks:
- Breached his fiduciary duty to act in the client’s best interest
- Made unsuitable recommendations of illiquid investments
- Recommended speculative investments inappropriate for the client’s profile
An earlier complaint from February 2024 raises similar concerns but with significantly higher alleged damages of $1 million. This complaint also focuses on unsuitable investment recommendations and breach of fiduciary duty.
The pattern emerging from these complaints is noteworthy – multiple investors independently raising similar concerns about illiquid investments and suitability issues. When several unrelated clients report comparable problems, it often indicates systemic issues rather than isolated incidents.
What This Means for Current and Former Clients
If you’ve worked with Bill Burks or Centaurus Financial, it’s crucial to review your investment portfolio carefully. Consider these important questions:
- Portfolio concentration: What percentage of your total net worth is invested in alternative investments like non-traded REITs, BDCs, or interval funds?
- Liquidity needs: Can you access your money if you need it for emergencies or other financial goals?
- Risk alignment: Do your investments match your stated risk tolerance and financial objectives?
- Documentation: Do you have clear records of investment recommendations and the rationale provided?
Remember that financial advisors have a duty to recommend investments suitable for your specific situation. This includes considering your age, financial goals, risk tolerance, investment timeline, and need for liquidity. When advisors prioritize products with high commissions or fail to properly assess suitability, investors can suffer significant losses.
Understanding Your Rights as an Investor
Investors who have suffered losses due to unsuitable investment recommendations have legal options. The securities industry provides multiple avenues for recovering losses, including FINRA arbitration, which is typically faster and less expensive than traditional litigation.
Key factors that strengthen investor claims include:
- Documentation showing the investments exceeded your risk tolerance
- Evidence that concentration limits were exceeded
- Proof that illiquid investments conflicted with your stated need for liquidity
- Records indicating your investment objectives were conservative while recommendations were aggressive
Taking Action to Protect Your Financial Future
With 27 years in the securities industry and licenses across multiple states including Texas, Arizona, California, and others, Bill Burks has managed investments for numerous clients who trusted him with their financial futures. The recent FINRA sanctions and pending investor complaints raise serious questions about whether all clients received suitable investment advice.
If you’ve invested with Bill Burks through Centaurus Financial (doing business as Burks Financial) or his previous firm PFS Investments, now is the time to carefully evaluate your portfolio and investment history. Don’t wait until liquidity issues or market downturns reveal problems that could have been addressed sooner.
Haselkorn & Thibaut has over 50 years of experience helping investors recover losses from unsuitable investment recommendations. With a 98% success rate and millions recovered for clients nationwide, the firm operates on a “no recovery, no fee” basis, meaning you pay nothing unless they successfully recover compensation for your losses.
The firm’s investigation into Bill Burks and Centaurus Financial focuses on helping investors who may have been harmed by unsuitable investment recommendations, particularly those involving illiquid alternative investments that exceeded appropriate concentration limits.
Don’t let unsuitable investment recommendations jeopardize your financial security. If you’ve worked with Bill Burks or have concerns about illiquid investments in your portfolio, contact Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation. Their experienced team can review your situation and help you understand your options for recovering investment losses.
