Federal authorities have leveled serious charges against William Tunink, a 73 year old former investment adviser from West Des Moines who is accused of orchestrating a sophisticated Ponzi scheme. The U.S. Attorney’s Office for the Southern District of Iowa revealed that Tunink faces ten federal wire fraud counts stemming from activities between 2022 and May 2025. Prosecutors say the veteran financier lured more than 50 victims into investing in what he claimed were tax free, high yield opportunities or shares in his own companies.
Rather than growing the wealth of his clients, investigators allege that Tunink diverted these funds to settle his own personal debts and living expenses. When certain investors sought their returns, Tunink reportedly paid them using money sourced from newer participants rather than actual profits. This cycle continued until the house of cards collapsed, leaving behind more than two million dollars in unrecoverable losses out of a total eleven million dollars collected from investors.
Court documents and regulatory records suggest that Tunink operated while affiliated with LPL Financial Services and through his own accounting practice. While claims against LPL were previously dismissed, industry watchdog FINRA permanently barred Tunink from the profession in early 2026 following reports that he had settled customer complaints privately and taken unauthorized loans from clients.
This latest indictment follows a troubling trend of white collar crime in the region, joining other recent prosecutions involving massive fraudulent schemes across Iowa. As legal proceedings move forward, an attorney for Tunink has yet to provide a formal statement regarding the accusations.
