Bill Burks II: FINRA Suspends Centaurus, Burks Financial Advisor

Flower Mound, Texas financial advisor Bill Burks (CRD# 2944992) was recently sanctioned and suspended by FINRA in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Centaurus Financial, doing business as Burks Financial.

A Letter of Acceptance, Waiver, and Consent (No. 2021072047201) describes FINRA’s disciplinary action against Mr. Burks. Filed in August 2025, it describes allegations that he recommended three clients “invest an unsuitably high concentration of their accounts in alternative investments which were illiquid or had limited liquidity and subjected the customers to a substantial risk of loss.” The Letter goes on to explain that the investments in question included “non-traded real estate investment trusts (REITs), business development companies (BDCs), and interval funds. The customers had low or moderate risk tolerances, and two specifically had objectives of preserving capital and generating income.

According to FINRA, Mr. Burks recommended the customers invest between 51% and 91% of their net worths in the products, in excess of firm concentration guidelines. “Such investments were not consistent with the customers’ investment profiles,” the Letter states, “because the alternative investment were illiquid or had limited liquidity and subjected the customers to a substantial risk of loss.” FINRA found that Mr. Burks’ recommendations violated FINRA Rules 2111 and 2010. As a result, it suspended him from associating with any member firm for a period of two months. It also ordered him to pay a fine of $10,000.

Mr. Burks’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in August 2024, alleges that as a representative of Centaurus Financial, he breached his fiduciary duty and made unsuitable recommendations of illiquid and speculative investments. The pending complaint alleges damages of $200,000.

An earlier investor complaint, filed in February 2024, similarly alleges that Mr. Burks recommended unsuitable investments and breached his fiduciary duty. The pending complaint alleges $1 million in damages.

In statements included with the pending complaints’ disclosures, Mr. Burks defends himself against the allegations, which he describes as meritless. “The investments about which the customers complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investment,” he adds.

According to the Financial Industry Regulatory Authority, Bill Burks II holds 27 years of securities industry experience. Based in Flower Mound, Texas, he has been registered as a broker and an investment advisor with Centaurus Financial since 2000 and 2011, respectively, doing business as Burks Financial. He was previously registered with PFS Investments. He is licensed in Arizona, California, Idaho, Louisiana, New Hampshire, North Carolina, Tennessee, and Texas. (Information current as of August 21, 2025.)

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