William Tunink Barred After Borrowing Over $3M From Clients

William Tunink (William Bernard Tunink, aka, “Bill Tunink” CRD# 2738224) is a former registered broker and investment advisor last registered with LPL Financial LLC (CRD# 6413) of West Des Moines, IA. He was previously employed with Avantax Investment Services, Inc. (CRD# 13686), also of West Des Moines. He has been in the industry since 1996.

Tunink is the subject of 26 disclosures, primarily customer disputes. LPL Financial discharged Turnink on 9/8/2025 because he “Failed to disclose and receive prior approval for loans from customers; and settled a customer complaint away from the Firm.” It is unknown which customer complaint he settled on his own.

FINRA issued a suspension, effective 4/6/2026, after Tunink failed to provide requested information to the agency for its investigation. Tunink is suspended in all capacities from association with any FINRA member. The suspension is effective until he provides FINRA with the requested information. Should Tunink fail to act, or request that his suspension be lifted within three months, the suspension is permanent as of 6/16/2026.

From 8/1/2025 through 3/12/26, customers filed 24 disputes against Tunink with similar allegations: that he borrowed money from them for an investment opportunity that was away from LPL Financial. Of the 24, four of them are pending, two were denied, and the remaining 18 were settled for a total of $2,167,718.90. The four pending claims have collective requested damages of $1,517,714.

Selling Away

Brokers have a carefully curated list of investment options to offer their clients. These are generally screened, vetted, and backed by the firm before the brokers are allowed to offer them as an investment option.

Sometimes brokers offer investment options without the benefit of their firm’s due diligence, called “selling away.” The broker may believe that they’ve done enough of their own due diligence to be able to offer something to their customers. But if an investment isn’t backed by the firm, there is the possibility that if the investment doesn’t pan out the investors will lose their funds because the firm didn’t sanction anything.

Brokers who sell away from their firm may do so for many reasons. In some cases, a client would like to invest in something that the firm doesn’t offer. The broker can request written permission to act on the client’s behalf to purchase something for them. But without the firm’s backing, buying something that the firm doesn’t sell or sanction can be bad for the investor.

Financial Advisors Should Not Borrow, Steal Or Take Money From Clients

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.