LPL Financial LLC made headlines in September 2025 when it terminated long-time financial advisor William Bernard Tunink (CRD#: 2738224). The move sent ripples through the investment advisory world, raising questions about trust, advisor integrity, and the systems in place to protect investors from potential misconduct. With nearly three decades in the financial services industry, William Tunink’s story offers important insights and lessons for anyone working with a financial advisor or considering investing their hard-earned savings.
When Trust Breaks Down: The William Tunink Case Unfolds
William Bernard Tunink was once a trusted figure within LPL Financial and previously with Avantax Investment Services, Inc., where he worked for 25 years starting in June 1996. He moved to LPL Financial LLC in October 2021, continuing a career that appeared distinguished and stable. However, that image fractured in September 2025 when he was discharged amid serious allegations.
According to his FINRA BrokerCheck record, Tunink allegedly violated core tenets of client-advisor relationships by failing to disclose and receive prior approval for loans from clients—behavior strictly prohibited by regulatory rules. For investors, the implications are significant: the individual they trusted to manage their financial future purportedly borrowed money directly from clients without informing his employer. Such undisclosed arrangements can create powerful conflicts of interest, as explained by Investopedia.
Further, the allegations extended to settling a customer file a FINRA complaint privately, or “away from the firm,” without involving LPL Financial. This practice is a red flags your advisor may be mismanaging your money for regulators and compliance departments. Transparency with the firm is key to ensuring that client interests are protected and that all parties operate within ethical and legal boundaries.
The consequences of these alleged lapses quickly became concrete. On January 8, 2026, a customer alleged Tunink borrowed $75,000 for an outside investment, resulting in a settlement equal to the disputed amount. Similarly, on December 29, 2025, another client lodged a complaint regarding private securities transactions from June 2023 through April 2025, seeking $400,000 in damages. This matter remains unresolved. These serious claims surfaced while Tunink was employed at LPL Financial, signifying that the alleged actions were neither distant nor isolated incidents.
A Troubling Track Record: 18 Customer Disputes
A deep dive into William Tunink’s history reveals a worrying pattern. His record on Financial Advisor Complaints and FINRA BrokerCheck displays a total of 18 customer disputes—a number few financial advisors ever approach. According to industry data, only about 7% of advisors have any customer complaints, and most advisors complete their careers with none or possibly one. Eighteen complaints put Tunink in an exceptionally rare and concerning category.
| Type of Allegation | Details |
|---|---|
| Unsuitable investment recommendations | Alleged inappropriate mutual fund, variable annuity, and municipal securities transactions |
| Excessive trading (“churning”) | Claimed unnecessary trading to generate commissions |
| Breach of fiduciary duty | Accusations of failing to act in the client’s best interest |
| Private securities transactions | Involvement in off-book investments outside employer’s supervision |
The monetary figures in these cases are substantial, with damages claims ranging from tens of thousands to nearly one million dollars. Several settlements have been reached, some between $25,000 and $150,000. While regulatory settlements sometimes don’t equate to admissions of guilt, multiple payouts over time often signal underlying problems rather than simple miscommunications.
Before his termination, Tunink was registered with both Avantax Investment Services, Inc. (formerly known as HD Vest) and LPL Financial LLC—both major national broker-dealers. It’s notable that LPL Financial ultimately decided to let him go, a significant step given the resources large firms dedicate to retaining experienced advisors.
What Went Wrong? Understanding FINRA Rules
Regulations in the investment advisory industry exist to protect clients and ensure ethical conduct. William Tunink’s alleged actions—borrowing from clients and engaging in private securities transactions—cross lines established by clear rules.
FINRA Rule 3240 expressly prohibits advisors from borrowing from or lending money to their clients except under tightly controlled circumstances, which require firm approval and documentation. These safeguards are in place to avoid conflicts of interest, prevent potential fraud, and maintain professional distance.
Similarly, FINRA Rule 3280 governs so-called “selling away”—when an advisor recommends or sells investments not approved by their employer. Advisors must inform their firm of such outside activities, permitting the firm to supervise and protect both client and company. Ignoring these requirements eliminates critical investor protections, exposing clients to greater risks.
Cases of investment fraud or bad advice from financial advisors, unfortunately, are not uncommon. According to Forbes, investors lost billions of dollars in recent years due to advisor misconduct, including unsuitable recommendations, undisclosed conflicts, and “selling away.” The importance of due diligence—verifying advisor credentials and reviewing regulatory records—cannot be overstated.
Though Tunink passed all standard exams (Securities Industry Essentials, Series 7, Series 6, and Series 63), this case demonstrates that credentials alone are no substitute for ethical conduct and transparency. Even longstanding advisors can encounter temptations or take shortcuts, underscoring the value of continual oversight and client vigilance.
Consequences and Investor Lessons from the William Tunink Case
The fall of William Bernard Tunink, highlighted by his 18 customer disputes and eventual discharge, underscores several vital lessons for investors:
- Research Always: Use FINRA BrokerCheck to review backgrounds, complaint records, and employment history. Multiple complaints are a major red flag.
- Insist on Transparency: Avoid any advisor who suggests secrecy about a loan or a “special” opportunity. Legitimate investments are always conducted openly and with firm oversight.
- Understand the Rules: Be aware of core FINRA rules like 3240 (borrowing/lending) and 3280 (private securities transactions). Ask your advisor directly about any activity that seems outside the norm.
- Leverage Firm Protections: Working with advisors at established, reputable firms adds layers of protection. Off-book dealings eliminate these safeguards and may signal misconduct.
- Don’t Ignore Settlement Patterns: Isolated settlements may not be cause for alarm, but a pattern of paid complaints should prompt concern and perhaps a change of advisor.
For those wondering what to do if they suspect advisor misconduct, resources such as Financial Advisor Complaints offer guides for pursuing a complaint or arbitration. Investors have a right to honest, competent, and ethical advice—and the tools to defend themselves if these standards are not met.
Today, William Tunink is not registered with any FINRA member firm, meaning he cannot legally offer investment advice or securities products. His case serves as a stark reminder: even experienced, credentialed advisors can make severe mistakes or ethical lapses. In a world where trust is the foundation of the advisor-client relationship, every investor should remember to not only trust—but always verify.
In a financial landscape where, as Warren Buffett famously noted, “It takes 20 years to build a reputation and five minutes to ruin it,” the story of William Bernard Tunink powerfully illustrates why rules, oversight, and vigilance matter. By learning from such cases, investors and the industry alike can work to prevent future harm and maintain
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