A former West Des Moines investment adviser has been indicted on federal charges accusing him of running a Ponzi scheme that prosecutors say cost victims more than $2 million, the U.S. Attorney’s Office for the Southern District of Iowa announced Tuesday.
TL;DR: William Tunink, 73, was indicted on 10 federal wire fraud charges (filed October 14) over transactions from 2022 to May 2025. Prosecutors allege he took in more than $11 million from 50+ investors — supposedly for stock purchases and tax-free high-yield investments — then used the money for personal debts and expenses, repaying some investors with other investors’ money. He is presumed innocent unless proven guilty.
What Prosecutors Allege
According to the indictment announced October 20, Tunink solicited money from more than 50 people, supposedly to buy stock in his companies or pursue other short-term, high-yield investment opportunities he represented as tax-free.
Instead, prosecutors allege, Tunink used investor money to pay down personal debts and expenses. In the typical manner of a Ponzi scheme, when he did repay money to some investors, it was with money obtained from subsequent investors — not the proceeds of any purported investment deals, the indictment says.
He later gave untruthful explanations to investors about why payments on their supposed investments were delayed, prosecutors allege.
In total, investors gave Tunink more than $11 million, of which more than $2 million could not be recovered.
A Career in Finance Unraveled
While the indictment does not name Tunink’s former employer, several recent civil lawsuits identify him as having been a broker and investment adviser with LPL Financial Services, as well as the owner of his own accounting firm. Court filings say he solicited LPL clients for loans and private investment opportunities; claims against LPL in one of the lawsuits were later dismissed.
Regulatory records tell a story of mounting trouble:
- In September 2025, LPL fired Tunink for allegedly failing to receive prior approval for loans from customers and settling customer complaints away from the firm, according to FINRA data.
- In March 2026, FINRA — the nonprofit regulatory body for the financial industry — permanently barred him from working as an investment adviser or broker.
- An attorney for Tunink did not immediately respond to a request for comment, the Register reported.
Part of a Wider Iowa Fraud Wave
Tunink’s case is one of several alleged Ponzi schemes currently being prosecuted by Iowa federal officials. Two Des Moines County men were charged in May with operating a scheme that an indictment says caused “tens of millions of dollars of loss” to dozens of victims. In another case, former Iowa radio personality Marty Tirrell is scheduled to be sentenced after being found guilty of running a fake ticket-flipping scheme — the second time he’s been convicted of similar allegations.
What’s Next
Tunink faces 10 federal wire fraud charges, each carrying a potential maximum penalty of 20 years in federal prison. The case will proceed in federal court in the Southern District of Iowa. As with every criminal case, Tunink is presumed innocent, and the charges are allegations — the government must prove them beyond a reasonable doubt at trial.
FAQ
Who is William Tunink?
A 73-year-old former investment adviser from West Des Moines, Iowa. He previously worked as a broker and investment adviser with LPL Financial Services and owned his own accounting firm, according to civil court filings.
What is Tunink accused of?
Running a Ponzi scheme. Prosecutors allege he solicited money from more than 50 people for supposed stock purchases and tax-free, high-yield investments, then used the money for personal debts and expenses — repaying some investors with money from later investors rather than investment profits.
How much money is involved?
Investors gave Tunink more than $11 million in total between 2022 and May 2025, and more than $2 million of it could not be recovered, prosecutors say.
What charges does he face?
Ten federal wire fraud charges, in an indictment filed October 14 and announced October 20, 2026. Each count carries a potential maximum of 20 years in federal prison. He is presumed innocent unless proven guilty.
Did regulators take action against Tunink before the indictment?
Yes. LPL Financial fired him in September 2025 over alleged unauthorized loans from customers and off-the-books complaint settlements, and FINRA permanently barred him from the securities industry in March 2026.
How did Tunink allegedly explain the missing payments?
Prosecutors allege he gave investors untruthful explanations for why payments on their supposed investments were delayed.
Are there other Ponzi cases in Iowa right now?
Yes. Two Des Moines County men were charged in May with a scheme alleged to have caused tens of millions in losses, and former radio personality Marty Tirrell is awaiting sentencing after being found guilty of a fake ticket-flipping scheme.
How can investors protect themselves from Ponzi schemes?
Regulators advise verifying an adviser’s credentials and disciplinary history through FINRA’s BrokerCheck, being skeptical of guaranteed high returns, and never investing based solely on a personal relationship without documentation of where the money goes.
Featured image: The federal courthouse in Des Moines, Iowa, home to the U.S. District Court for the Southern District of Iowa. Photo via Wikimedia Commons. Source: Des Moines Register, reporting the U.S. Attorney’s Office for the Southern District of Iowa announcement.
