Des Moines Advisor Indicted for $2 Million Fraud

Federal prosecutors charge 73-year-old William Tunink with operating a Ponzi scheme.

Updated on Oct. 26, 2026 in Financial Crime

Bold flat-color editorial illustration of a heavy, locked steel vault door, evoking the hidden nature of financial fraud. — Federal prosecutors in Des Moines indicted financial advisor William Tunink on 10 counts of wire fraud, alleging a $2 million Ponzi scheme. AI Illustration. Upload story photo >

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A federal grand jury in Des Moines has indicted William Tunink on 10 counts of wire fraud related to an alleged Ponzi scheme. Prosecutors claim Tunink caused more than $2 million in losses by using investor funds for personal debts.

Why it matters

The indictment follows years of regulatory issues, including more than 20 settled customer complaints against the advisor. Financial authorities have already taken steps to remove Tunink from the securities industry following his tenure at LPL Financial.

A federal grand jury returned the indictment in October 2026, charging Tunink with 10 counts of wire fraud. The defendant faces a maximum prison term of 20 years for each count.

The players

William Tunink

The 73-year-old former financial advisor stands accused of operating a Ponzi scheme.

LPL Financial

This investment firm employs 30,000 advisors and previously employed Tunink.

FINRA

The Financial Industry Regulatory Authority oversees brokerage firms and barred Tunink in 2026.

The details

Tunink allegedly solicited money from victims under the pretense of investment purposes before diverting the funds into his own accounts. He was previously registered with LPL Financial from 2021 to 2025 until the firm fired him.

1996: Tunink began his career in the retail securities industry.
2021-2025: Tunink held registration with LPL Financial.
March 2026: FINRA barred Tunink from the securities industry.
October 2026: A federal grand jury returned an indictment against Tunink.

Legal Context

The indictment follows a pattern of heightened federal enforcement regarding wire fraud statutes in the financial services sector. Recent cases, such as those involving significant investor losses, highlight how prosecutors apply these laws to address advisor misconduct.

Investors who had accounts managed by Tunink during his time at LPL Financial should review their statements for unauthorized activity. Individuals with concerns regarding their past investments may need to contact legal counsel or financial regulatory bodies.

The takeaway

Investors should regularly monitor their brokerage statements for discrepancies to ensure their funds are being used as directed. Maintaining awareness of an advisor's regulatory history through public databases can help protect against potential financial misconduct.