A former LPL Monetary dealer in West Des Moines, Iowa, has been indicted on 10 counts of wire fraud for allegedly operating a Ponzi scheme that raised over $11 million from greater than 50 buyers, together with his personal clients.
William B. Tunink raised the cash from February 2022 to Could 2025 by pitching fictitious funding alternatives, in line with an indictment filed in federal courtroom in Des Moines final week. He allegedly deposited checks and wire transfers into his private checking account after which used the cash to repay earlier buyers and canopy his personal money owed.
Traders misplaced greater than $2 million, prosecutors mentioned.
Tunink allegedly informed buyers that he wanted the cash to buy inventory from enterprise companions at two firms, repay the widow of an funding associate and to purchase out one other enterprise associate.
Tunink, who co-owned a enterprise the place he labored as a CPA, used promissory notes and “Silent Accomplice Agreements,” promising excessive, tax-free returns, in line with the indictment. When he stopped making common funds, he started inventing excuses, prosecutors mentioned.
The alleged victims included Tunink’s shoppers, buyers they referred and different members of his group. Many thought-about him a detailed pal, in line with prosecutors.
Tunink, 73, faces a most of 20 years in jail on every depend of wire fraud. He made his first courtroom look after he was arrested on October 16, and a trial has been set for November 30, in line with the U.S. Lawyer’s Workplace for the Southern District of Iowa.
Tunink’s lawyer, an assistant federal public defender, didn’t instantly reply to a request for remark. An LPL spokesperson additionally didn’t reply to a request for remark.
Tunink joined LPL in October 2021 after 25 years with Avantax, in line with BrokerCheck and federal registration data.
LPL fired him September 2025 over allegations he “didn’t disclose and obtain prior approval for loans from clients” and settled a grievance away from the agency, in line with BrokerCheck.
Tunink’s BrokerCheck consists of two dozen buyer complaints from his time at LPL. A number of cite promissory notes, silent associate agreements and “funding models,” which match the preparations described within the indictment.
Twenty one disputes had been settled for $2.47 million. Tunink personally paid $130,000 to settle one declare from a buyer who mentioned a $140,000 mortgage had not been repaid. The opposite 20, which had been reported by LPL, present no contribution from him. One dispute is pending.
The Monetary Trade Regulatory Authority suspended Tunink in April after he failed to answer requests for data, and he was robotically barred in June when he didn’t search an finish to that suspension.