Burks Financial’s Bill Burks Lands New Investor Complaint

Flower Mound, Texas financial advisor Bill Burks (CRD# 2944992) allegedly recommended unsuitable investments, according to multiple recent investor complaints. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Centaurus Financial, doing business as The Burks Financial Group. 

Earlier Complaints Reached Settlements

Mr. Burks’ BrokerCheck report discloses one recent pending investor complaint and seven complaints that reached settlements. Filed between 2012 and 2021, the settled complaints detail allegations that include over-concentration, unsuitable investment recommendations, breach of fiduciary duty, the recommendation of illiquid investments, and the misrepresentation of material facts relating to his recommendations. The complaints reached settlements totaling more than $500,000.

New Complaint Alleges High-Risk Recommendation

The pending complaint, filed in October 2022, alleges that Mr. Burks “recommended unsuitable, high-risk and illiquid investments” in real estate securities while he was a representative of Centaurus Financial. It alleges unspecified damages.

FINRA Forbids Misrepresentation

Investors should be aware of FINRA Rule 2020, which states that brokers like Mr. Burks may not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” In other words, they are forbidden from misrepresenting material facts—that is, information that represents a significant consideration for investors considering a product or strategy, such as its risk factors—related to the investments they recommend their clients. Brokers who misrepresent investments may be held liable in the event that the account suffers losses.

Complaints Against Other Centaurus Representatives

Notably, Mr. Burks is not the only Centaurus Financial representative to receive investor complaints in recent years. Others include Michelle Anthony, who received a complaint alleging her unsuitable investment recommendations led to damages of $100,000; Marc Korsch, recipient of complaints that settled for more than $100,000 cumulatively; and Patrick Hobert, who allegedly made a high-risk, illiquid investment that resulted in damages exceeding $100,000.

Burks Has Been Registered with Centaurus Since 2000

Bill Burks has spent 25 years as a broker, according to his FINRA-maintained BrokerCheck report. He has spent most of those 25 years as a representative of Centaurus Financial, where he registered as a broker in 2000 and as an investment advisor in 2011. He does business as The Burks Financial Group, records show, and he is a “senior consultant” with a financial technology company called Eyeballs Financial, based in Newport Beach, California. He has passed five securities industry qualifying exams, including the Series 6 and the Series 65, and currently holds nine state licenses. (Information current as of November 15, 2022.)

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