Charles Scott Burford (CRD #1658201, Dallas, Texas)

April 12, 2024 – Burford appealed a NAC decision to the SEC. Burford was fined $10,000 and suspended from association with any FINRA member in all capacities for six months. The NAC affirmed the findings and the sanctions imposed by the OHO. The sanctions were based on the findings that Burford executed unauthorized trades in, and facilitated unauthorized withdrawals from, his deceased customer’s account. The findings stated that Burford did not submit the customer’s death certificate to his member firm until over 14 months after his death. Prior to submitting the death certificate, Burford executed unauthorized trades and facilitated unauthorized withdrawals in the customer’s individual brokerage account on instructions from the customer’s widow. Burford did not submit the death certificate to the firm until it was necessary to permit the customer’s widow to take the required minimum distribution from the customer’s beneficiary individual retirement account (IRA), which required opening an account for the customer’s widow. When Burford submitted the death certificate for this purpose, he failed to inform the firm that the customer’s individual brokerage account remained open and active. Burford executed additional trades and withdrawals in the account. In total, Burford executed nine sales transactions totaling $129,972.03 in his deceased customer’s account and facilitated eight withdrawals for the customer’s widow totaling $84,669.87. It was not until Burford learned that the deceased customer’s daughter planned to contest his will, that he finally ceased activity in the customer’s individual brokerage account and asked the firm to freeze the assets in it. Even then, Burford failed to inform the firm that he had improperly effected any transactions in the customer’s individual brokerage account until the daughter’s attorney informed Burford that the firm might be liable for any unauthorized distributions from the customer’s accounts. The sanctions are not in effect pending review. (FINRA Case #2019064656601) If you have suffered losses as a result of Charles Scott Burford's act and/or actions we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by Charles Scott Burford. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at mschwartz@tslfirm.com.