Former LPL Broker Faces Federal Charges in Alleged $11 Million Ponzi Scheme
From the desk of Jim Eccleston at Eccleston Law
Federal prosecutors accuse former LPL Financial broker William B. Tunink of using his relationships with customers, friends, and other community members to raise more than $11 million through fictitious investments. ?According to AdvisorHub, a federal grand jury indicted the 73-year-old West Des Moines, Iowa, resident on 10 counts of wire fraud.
According to the indictment, Tunink solicited investments from February 2022 through May 2025, promising high, tax-free returns through promissory notes and "Silent Partner Agreements." He allegedly told investors he needed their money to buy stock from business partners, repay the widow of an investment partner, and buy out another partner. Instead, prosecutors say, he deposited investors' checks and wire transfers into his personal checking account, using some of the money to repay earlier investors and cover his own debts. Investors ultimately lost more than $2 million, according to prosecutors.
?AdvisorHub reports that the alleged scheme reached people who trusted Tunink professionally and personally. His customers invested, some referred others, and additional members of his community joined in. Prosecutors say many considered him a close friend. When Tunink stopped making regular payments, he allegedly began offering excuses.
?AdvisorHub further reports that the criminal case follows a history of customer disputes at LPL. Tunink joined the firm in October 2021 after 25 years with Avantax, according to BrokerCheck and federal registration records. LPL fired him in September 2025 over allegations that he failed to disclose customer loans or obtain prior approval for them, and that he settled a customer complaint outside the firm.
?According to AdvisorHub, BrokerCheck lists roughly two dozen customer complaints from Tunink's time at LPL. Several mention promissory notes, silent partner agreements, and "investment units," the same types of arrangements described in the indictment. Twenty-one disputes ended in settlements totaling $2.47 million. Tunink personally paid $130,000 to resolve one customer's claim that he had not repaid a $140,000 loan. LPL reported the other 20 settlements, none of which lists a contribution from Tunink. One dispute remains pending.
?The Financial Industry Regulatory Authority also took action after Tunink failed to respond to its requests for information. ?AdvisorHub reports that the regulator suspended him in April and automatically barred him in June after he did not seek to end the suspension.
Tunink faces up to 20 years in prison on each wire fraud count.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
Tags: eccleston, eccleston law, ponzi scheme, securities fraud, broker misconduct, lpl financial, investment fraud
