A significant wave of investor complaints has been filed against former West Des Moines financial advisor Bill Tunink, raising serious concerns about alleged unapproved loans and “selling away” practices. While earlier reports focused on a single settlement, new disclosures reveal a pattern of disputes involving hundreds of thousands of dollars in requested damages and settlements.
The allegations suggest that Bill Tunink—formerly of LPL Financial—may have borrowed funds from clients for investment opportunities outside the firm, a practice that violates industry rules.
If you or someone you know has suffered investment losses or loaned money to Bill Tunink, contact Meyer Wilson Werning today. Our attorneys are experienced in securities fraud cases and will help to guide you through the process with a free and confidential consultation to determine whether your losses are the result of actionable misconduct.
Who Is Bill Tunink?
Bill Tunink (CRD# 2738224) is a financial advisor based in West Des Moines, Iowa, with 29 years of securities industry experience.
His professional history includes:
- LPL Financial: Registered from 2021 until September 2025.
- Avantax Investment Services: Registered from 1996 until 2021.
He conducted business under the name Tunink Murray Financial Group, which has since issued disclosures stating that he is no longer affiliated with the group and that his financial practice was a separate venture.
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What Are the New Allegations Against Bill Tunink?
Recent regulatory filings disclose a series of customer disputes filed in late 2025, many of which allege that Bill Tunink borrowed funds from customers for investment opportunities away from the firm. This practice, known as “selling away,” involves an advisor selling securities or investments that have not been approved by their brokerage firm.
These disputes paint a troubling picture of alleged misconduct that extends beyond a single isolated incident. Multiple clients have come forward with similar stories of unpaid loans and unapproved investment agreements.
Recent Substantial Disputes and Settlements
While there are numerous pending complaints, several substantial disputes highlight the severity of the allegations:
- November 12, 2025 (Pending): A customer filed a dispute requesting $463,249 in damages, alleging the advisor borrowed funds for an investment opportunity away from the firm. This was one of several disputes filed on the same day.
- September 30, 2025 (Pending): Plaintiffs allege breach of contract for failing to repay loans between January 2024 and October 2024, seeking damages of $346,874.
- October 6, 2025 (Settled): A dispute alleging borrowed funds for outside investments was settled for $206,260, following a damage request of $281,278.
- September 22, 2025 (Settled): A complaint settled for $205,376 alleged that the representative engaged in “selling away” by selling “Investment Units” and entering into a “Silent Partner Agreement”.
- August 1, 2025 (Settled): The initial widely reported complaint involved a client loan of $140,000 that was not repaid, resulting in a $130,600 settlement.
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Why Was Bill Tunink Terminated by LPL Financial?
According to regulatory disclosures, LPL Financial discharged Bill Tunink on September 8, 2025. The firm stated the reason for termination was that he “failed to disclose and receive prior approval for loans from customers; and settled a customer complaint away from the Firm”.
Advisors are generally prohibited from settling customer complaints privately without the knowledge or approval of their brokerage firm. This rule exists to ensure transparency and prevent advisors from concealing misconduct from regulators and the public.
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Understanding “Selling Away” and Improper Loans
“Selling away” occurs when a broker solicits a client to purchase securities not held or offered by the brokerage firm. This is a significant violation of securities rules because these investments bypass the firm’s due diligence and supervision processes.
Similarly, borrowing money from clients is heavily restricted under FINRA Rule 3240. These rules are in place to prevent conflicts of interest and protect investors from being exploited by the professionals they trust to manage their wealth.
How Meyer Wilson Werning Can Help
The pattern of complaints against Bill Tunink—involving alleged selling away, silent partner agreements, and unpaid loans—suggests that multiple investors may have been exposed to significant risks. If you invested in unapproved opportunities or loaned money to your advisor, you may be entitled to recover your funds through arbitration.
Meyer Wilson Werning represents investors nationwide who have been harmed by advisor misconduct. Contact us today for a free and confidential consultation to review your potential claims.
Frequently Asked Questions
What is “selling away” in the context of the Bill Tunink complaints?
“Selling away” refers to the allegation that Bill Tunink sold investments, such as “Investment Units” or “Silent Partner Agreements,” that were not approved by his brokerage firm, LPL Financial.
How much money are investors seeking in these disputes?
Damages requested in pending and settled disputes range from $25,000 to over $463,000, with total allegations involving nearly $2 million in client funds.
Why was Bill Tunink fired?
LPL Financial terminated him on September 8, 2025, for failing to disclose customer loans and for settling a customer complaint privately without the firm’s approval.
Can I recover money if I loaned it to Bill Tunink?
Yes. If the loan or investment was solicited by a registered advisor, you may have grounds to file a claim against the brokerage firm for failure to supervise. An attorney can help you explore recovery through arbitration.
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