The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker William Burks. According to his publicly available FINRA BrokerCheck report, William Burks has been the subject of multiple customer disputes over the course of his career.

William Burks is a Texas based securities broker. He has worked in the securities industry for twenty-one years. During his career, he has been registered with two different securities firms.

His Registrations

  • PFS Investments (1997-2000)
  • Centaurus Financial (2000-Present)

The Allegations

  • In February 2011, a customer alleged that William Burks recommended an inappropriate investment strategy.
  • In August 2012, customers alleged that William Burks executed unauthorized transactions and forged their signatures on financial documents. This case was settled for $40,000 in damages.
  • In January 2016, a customer alleged that William Burks recommended unsuitable securities and made material misrepresentations.
  • In May 2018, customers alleged that William Burks’ recommendation they purchase alternative investments was unsuitable. They also alleged that William Burks failed to explain the illiquidity associated with alternative investments. This case is currently pending. The customers are seeking $415,000 in damages.

Alternative Investments

Alternative investments are privately traded securities not sold on any public securities exchanges. One of the major problems with alternative investments is how frequently they are recommended to investors that are not suited for them. Less than scrupulous securities brokers often take advantage of how complicated these products are as it gives them the ability to misrepresent them as safe and consistently lucrative investments, when nothing could actually be further from the truth. The truth is that alternative investments are speculative and illiquid securities that are rarely suitable for investors. Many of these brokers often recommend these investments to investors out of significant conflicts of interest. Broker commissions for these alternative products can be as high as ten percent of the investor’s principal investment. This is compounded with other upfront fees which can drain an investors principal of up to 17 percent in total. When an investor’s principal investment is lowered that significantly, it becomes near impossible for them to turn a profit under normal market conditions.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with William Burks, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.