The securities attorneys at Halling & Cayo are interested to talk to investors that may have claims related to William Bernard Tunink (CRD# 2738224), a former registered representative with LPL Financial LLC in West Des Moines, Iowa.
According to public records, William Tunink was discharged (fired) by LPL Financial on September 8, 2025, following allegations that he failed to disclose and receive prior approval for loans from customers and settled a customer complaint away from the firm.
If you lent money to William Tunink or invested in “outside” opportunities recommended by him, you may have recovery options. We are currently investigating the conduct of this broker and the supervision provided by his former brokerage firm.
A Wave of Customer Complaints and Alleged Unpaid Loans
As of the latest BrokerCheck report, William Tunink is the subject of 16 customer disputes (8 pending and 8 final). The allegations reveal a troubling pattern involving significant sums of money borrowed from clients for investment opportunities “away from the firm”.
Key disclosures from his regulatory record include:
- September 2025: A customer alleged Tunink engaged in “selling away” by selling Investment Units and entering into a Silent Partner Agreement. This matter was settled for $205,376.00.
- August 2025: A customer alleged they lent Tunink $140,000 which had not been paid back. This dispute was settled for $130,600.00, entirely contributed by the individual.
- October & November 2025: Multiple complaints allege Tunink borrowed funds for an “investment opportunity away from the Firm”. Several of these have already settled for amounts such as $145,000, $143,930, and $115,000.
- Pending Claims: There are currently several pending disputes with alleged damages ranging from $183,503 to as high as $463,249. One pending claim alleges Tunink breached contracts by failing to repay loans between January 2024 and October 2024.
Additionally, there is a pending civil litigation case in the Iowa District Court for Polk County (Case # LACL163952) regarding these matters.
What is “Selling Away” and Why is Borrowing from Clients a Red Flag?
“Selling away” occurs when a broker solicits you to purchase securities or investments that are not held or offered by their brokerage firm.
Brokerage firms like LPL Financial have a legal duty to supervise their registered representatives to ensure they are complying with securities rules and regulations. This duty includes monitoring for “outside business activities” and unapproved private securities transactions.
- FINRA Rules on Borrowing: generally prohibit brokers from borrowing money from their customers unless specific, strict conditions are met and the firm approves the arrangement.
- The Danger for Investors: When a broker sells an investment “away” from the firm, or borrows money directly from a client, that activity often bypasses the firm’s due diligence process. This removes the safety net that compliance departments are supposed to provide, often leaving investors holding the bag on risky, unvetted, or even fraudulent schemes.
If a brokerage firm fails to adequately supervise its agents, they may be liable for the losses investors sustain—even if the investment was not an “official” product of the firm.
What Can You Do?
We know that realizing your broker may have mishandled your funds is stressful. The securities attorneys at Halling & Cayo are interested to talk to investors that may have claims related to William Tunink.
You do not have to fight this alone. Our firm handles cases on a contingency basis, meaning we only get paid if we recover money for you.
The information contained in this post is based on publicly available records as of January 2, 2026. This blog post is for informational purposes only and should not be construed as legal advice. The Securities Lawyers at Halling & Cayo, S.C. are investigating these claims.
Sean M. Sweeney is a shareholder at Halling and Cayo, a full service law firm in Milwaukee, WI and the head of its Securities Litigation team.
He represents individual and institutional investors in FINRA arbitration and court nationwide. He recovers investment losses from fraud or breach of duty from their broker-dealer.
Contact him at (414) 755-5020 or via e-mail at SMS@hallingcayo.com to see if he can help recover your funds.