Did You Sustain Serious Portfolio Losses While Working Former LPL Financial Broker William Tunink?
Contact Our Selling Away Law Firm To Explore Your Legal Options
If you are an investor who worked with ex-LPL Financial registered representative William Bernard Tunink (AKA “Bill” Tunink), and you sustained serious investment losses when he was your financial advisor, please contact Shepherd Smith Edwards and Kantas Selling Away Attorneys (investorlawyers.com) today.
Tunink, who is no longer a broker or investment adviser, was fired by LPL in September 2025. The broker-dealer alleges that he did not disclose or obtain prior approval for loans from customers; he also purportedly settled a complaint from one customer away from the firm.
According to Bill Tunink’s BrokerCheck CRD, he whas orked 29 years in the industry. His record shows eight customer disputes filed since 2025. Claims include allegations that Tunink borrowed money that he hasn’t paid back, as well as engaged in selling away. Some of the customers contend that not only did Tunink borrow money from them, but also, he did so for an investment opportunity that the broker-dealer never approved or was aware of.
What Is Selling Away?
This is the term given for when a broker sells investments that are not on their broker-dealer of record’s approved product list. Not only is this a violation of securities regulation, but also, it also increases the level of risk a firm’s customer could be taking on since there wasn’t the necessary due diligence or vetting performed to ensure the suitability or legitimacy of the investments.
Investments involved in selling away are often illiquid, privately traded, unregulated, and non-transparent. Selling away can also expose investors to fraudulent investments. Meanwhile, the broker could end up earning higher commissions than they would from the products approved by their broker-dealer.
Not only that, but financial advisors may engage in selling away so that they don’t have to deal with the supervision of their broker-dealer. This can make it easier for them to engage in broker misconduct.
The Financial Industry Regulatory Authority Has Rules Related To Selling Away:
Rule 3270: If the broker is going to engage in any outside business, they must notify their broker-dealer ahead of time and in writing.
Rule 3040: If a financial advisor is going to participate in any kind of private securities transaction that is outside the scope of their role with the broker-dealer, they must notify the firm beforehand. This allows the brokerage firm to vet and approve the selling away. (It could also turn down the request for approval.)
How Can Our Selling Away Attorneys Help?
If you suffered losses in investments involving selling away by your LPL Financial broker, or another financial advisor, you may be able to hold both the broker-dealer of record liable–even if the latter was unaware of their registered representative’s alleged misconduct.
If the firm approved the selling away transaction, and you sustained portfolio losses because of investment fraud, you also may be able to file a lawsuit seeking damages from them.
Shepherd Smith Edwards and Kantas Selling Away Attorneys have been representing investors for 35 years. We are a seasoned securities law firm that has the skills, experience, and knowledge to pursue even the most complex claims against broker-dealers and investment advisers. Over the decades, we have helped many victims of selling away by their broker to secure financial recovery.
Call our Selling Away Attorneys at (800) 259-9010 or fill out this online contact form to schedule your free, initial case assessment with one of our trusted selling away attorneys.