Bill Tunink Lawsuit & Complaints: Former LPL Advisor Indicted
Updated October 27, 2026
Former LPL Financial advisor Bill Tunink has been indicted on 10 counts of federal wire fraud for allegedly running a Ponzi scheme in West Des Moines, Iowa. The indictment follows a Bill Tunink lawsuit, a string of FINRA arbitration claims, and 24 customer complaints on his record. The White Law Group is investigating complaints involving William (Bill) Tunink (CRD# 2738224). Here is what is on his record and what your options may be. Investors who lost money may be able to recover through a FINRA arbitration claim.
Bill Tunink Indicted on Federal Wire Fraud Charges
A federal grand jury in Des Moines reportedly returned the indictment against Tunink, 73, according to the U.S. Attorney’s Office for the Southern District of Iowa. Prosecutors allege he asked victims for money to invest, then used it to pay his personal debts and for his own benefit. The indictment alleges losses of more than $2 million. Each count carries up to 20 years in prison.
Tunink made his first court appearance on October 16, 2026. Trial is set for November 30, 2026. The charges are allegations. Tunink has not been convicted.
What the Indictment Alleges
According to trade press reports on the indictment, Tunink raised more than $11 million from over 50 investors between February 2022 and May 2025. Those investors allegedly included his own customers, people they referred, and others in his community. He allegedly told investors he needed money to buy stock from business partners at two companies, repay the widow of an investment partner, and buy out another business partner.
Tunink allegedly used promissory notes and silent partner agreements that promised high, tax-free returns. Prosecutors say he deposited the money into his personal checking account and used it to repay earlier investors and cover his own debts. When the payments stopped, he allegedly made excuses.
Bill Tunink Complaints: What His BrokerCheck Record Shows
Tunink’s FINRA BrokerCheck report lists 26 disclosures: 24 customer disputes, one regulatory action, and one firing. Every customer dispute names LPL Financial as his firm at the time. Here is where those disputes stand:
- 21 settled for about $2.47 million combined. Settlements range from $25,000 to $299,000.
- 1 pending FINRA arbitration claim seeking $91,800.
- 2 denied seeking about $646,700 combined.
Tunink personally paid $130,600 to settle one claim from a customer who said a $140,000 loan was never repaid. The other 20 settlements show no contribution from him. Several complaints involve promissory notes and silent partner agreements, the same arrangements described in the indictment.
Bill Tunink Lawsuit and FINRA Arbitration Claims
A civil lawsuit against Tunink in Iowa District Court for Polk County (Case No. LACL163952) settled on September 24, 2026, for $25,000. The plaintiffs alleged he breached contracts by failing to repay loans made between January and October 2024. They had sought $346,874.
The largest settlement on his record came on August 11, 2026. A $1 million FINRA arbitration claim (Case No. 25-02344) settled for $299,000. That customer alleged Tunink took loans between November 2024 and September 2025, some used for an investment away from the firm. A separate FINRA arbitration claim (Case No. 26-00154) is still pending.
Why LPL Financial Fired Tunink
LPL Financial fired Tunink on September 8, 2025. The firm said he failed to disclose and get approval for loans from customers, and settled a customer complaint away from the firm. One complaint, which settled for $205,376, specifically alleged selling away through investment units and a silent partner agreement.
FINRA Bars Bill Tunink
FINRA suspended Tunink on April 6, 2026, for allegedly failing to respond to its requests for information (Case No. 2025087113601). He did not ask to end the suspension within three months. It became a permanent bar on June 16, 2026. The bar is for not cooperating with FINRA. It is not a ruling on the loan allegations. Learn more about what to do if your financial advisor was barred or fired.
Tunink’s Work History
Tunink was registered with LPL Financial from October 2021 to September 2025. Before that, he spent about 25 years with Avantax Investment Services, also in West Des Moines. He reported an outside business, A&C Tax and Bookkeeping, doing business as Tunink Murray Financial Group.
How to Recover Money Lost with Bill Tunink
If you loaned money to Tunink or invested with him while he worked at LPL Financial, you may be able to recover your losses. The criminal case is separate from a claim for your own money. Deadlines apply, so act promptly. Our FINRA arbitration attorneys can review your situation at no cost.
Contact The White Law Group
The White Law Group, national securities fraud attorneys with offices in Chicago and Seattle, represents investors in FINRA arbitration claims nationwide. If you have questions about Bill Tunink, call (888) 637-5510 for a free consultation or contact us online.
Frequently Asked Questions About Bill Tunink
How do I file a claim to recover money I invested or loaned through Bill Tunink?
Most claims against a broker and the firm go through FINRA arbitration, not court. Most brokerage account agreements typically include a pre-dispute arbitration clause, which many investors don’t know about. Arbitration can still end in a money recovery, and 21 disputes involving Tunink have already settled.
What is selling away, and how does it relate to the alleged Ponzi scheme?
Selling away is when a broker sells an investment the firm has not approved and doesn’t know about. These deals skip the firm’s review, so investors lose a layer of protection. The promissory notes and silent partner agreements in Tunink’s complaints were allegedly sold outside LPL Financial.
Can LPL Financial be held responsible if it did not know about the loans or investments?
Yes, it can. Brokerage firms must supervise their brokers and watch for red flags like client loans and outside business deals. If a firm should have caught the misconduct and did not, it may be liable for failing to supervise.
