Our firm is investigating Centaurus Financial, Inc. financial advisor and stockbroker William C. Burks II (CRD# 2944992) of Flower Mound, Texas for potential investment-related misconduct.
Financial Advisor’s Career History
William C. Burks II has been registered with Centaurus Financial, Inc. as a broker (FINRA registrations include Series 6/7 and principal exam Series 26) since August 2000, and he has been registered as an investment adviser representative with the firm since November 2011. He previously registered with PFS Investments Inc. from September 1997 through August 2000.
William C. Burks II Fraud Allegations and Investor Complaints Explained
Disclosure snapshot (as reflected on BrokerCheck): one regulatory event, one criminal disclosure, and six customer disputes.
Disclosures (by type/status)
- Regulatory (FINRA) – Final (AWC): Initiated/Resolved 08/21/2025 (Case No. 2021072047201); alleged unsuitable concentration in illiquid/limited-liquidity alternative investments (non-traded REITs, BDCs, interval funds); 4-month suspension (09/15/2025–01/14/2026) and $10,000 fine (paid 10/06/2025).
- Customer dispute – Settled (FINRA Arb. 24-00320): Alleged damages $1,000,000; complaint received 02/21/2024; filing date 02/12/2024; settlement $287,500 (status date 08/07/2025); alleged unsuitable, high-risk, illiquid investments/breach of fiduciary duty (Direct Investment—DPP & LP interests / real estate security).
- Customer dispute – Settled (FINRA Arb. 23-02233): Alleged activity Aug 2017–Feb 2019; alleged damages $580,000; complaint received 08/23/2023; filing date 08/15/2023; settlement $299,000 (status date 11/19/2024) involving Direct Investment—DPP & LP interests / real estate security.
- Customer dispute – Settled (FINRA Arb. 23-01378): Allegations of unsuitable “risky low-value” investments (Equity-OTC / penny stock); complaint received 05/23/2023; filing date 05/15/2023; settlement $225,000 (status date 09/04/2025).
- Customer dispute – Closed/No Action: Alleged negligence and unsuitable recommendations during 2009–2013; alleged damages $57,653; complaint received 01/23/2023; status date 03/01/2024.
- Customer dispute – Pending (FINRA Arb. 25-02519): Alleged speculative, illiquid private debt fund recommendation; alleged damages $80,000; complaint received 11/24/2025; filing date 11/17/2025.
- Customer dispute – Pending (FINRA Arb. 24-01693): Alleged unsuitable, illiquid, speculative investments and breach of fiduciary duty; alleged damages $200,000; complaint received 08/20/2024; filing date 08/07/2024.
- Criminal disclosure – Final (Dismissed): Theft charge (misdemeanor) with charge date 06/23/1982; disposition date 03/12/1984 in Dallas County, Texas (reported as dismissed).
FINRA Regulatory Action (AWC) Alleging Concentrated Illiquid Alternative Investments
FINRA reported that, without admitting or denying findings, Burks consented to sanctions and findings that he recommended three customers invest an unsuitably high concentration of their accounts in alternative investments that were illiquid or had limited liquidity (including non-traded REITs, BDCs, and interval funds). FINRA imposed a four-month suspension (09/15/2025–01/14/2026) and a $10,000 fine.
Customer Complaints Alleging Unsuitable, High-Risk, and Illiquid Recommendations
Multiple customers reported disputes alleging unsuitable, high-risk, illiquid, or speculative recommendations—often tied to alternative or illiquid products—some of which resulted in settlements, and others that remain pending.
To obtain a copy of William C. Burks II’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) requires a broker/advisor to have a reasonable basis to believe a recommendation is suitable for a particular customer, which becomes especially relevant when complaints allege unsuitable, high-risk, and illiquid recommendations or excessive concentration in alternatives as reflected in the regulatory and customer dispute allegations here.
FINRA Rule 2090 (Know Your Customer) requires reasonable diligence to understand essential facts about a customer and the authority of each person acting on behalf of that customer—issues that can matter when disputes center on whether the advisor properly understood (and documented) risk tolerance, liquidity needs, and investment objectives before recommending illiquid or speculative products.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethical rule that frequently applies in sales-practice disputes involving alleged misrepresentations, omissions, or unfair conduct—often cited alongside suitability-style allegations where investors claim they were not given a fair and balanced explanation of risks, liquidity constraints, or concentration exposure.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.
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