Selling Away Recovery Attorneys

Shepherd Smith Edwards and Kantas Investigates Selling Away Losses Involving Customers of Indicted Ex-LPL Financial Broker William Bernard Tunink

Former LPL Financial stockbroker William Bernard Tunink has been federally indicted for allegedly operating an $11 million Ponzi scheme that cost investors over $2 million through unauthorized “selling away” investments. Law firm Shepherd Smith Edwards and Kantas is currently investigating these claims and urging affected investors to seek legal recourse against the broker and brokerage firm.

If you are an investor who suffered losses while working with former LPL Financial stockbroker William (Bill) Bernard Tunink, contact Shepherd Smith Edwards and Kantas (investorlawyers.com) today. The former longtime broker was recently indicted on federal criminal charges of 10 counts of wire fraud related to an alleged long-term Ponzi scam that defrauded investors from whom he raised $11M. Their losses from the scheme reportedly exceed $2M and allegedly involved selling away.

What Are The Ponzi Fraud Allegations Involving William Tunink?

∙ The criminal indictment contends that Tunink placed investors’ money in investments that were not approved or vetted by LPL Financial.

∙ Tunink allegedly promised he would pay investors back along with a high return rate that he claimed was tax-free.

∙ Promissory note and silent partner agreements were supposedly involved.

∙ The former LPL Financial advisor allegedly used newer investors’ funds to pay earlier investors in Ponzi-like fashion while also misappropriating their money.

FINRA permanently barred William Tunink earlier this year and LPL fired him in 2025. Tunink’s BrokerCheck CRD lists more than 20 customer disputes accusing him of selling away. Most of these claims were settled and more investment loss recovery claims could be filed.

What Is Selling Away?

∙ This is the term that refers to when a stockbroker recommends or solicits investments that were not approved or offered by their broker-dealer of record.

∙ This practice can be risky because the financial products or securities were not properly vetted by the brokerage firm to ensure legitimacy or viability.

∙ There are brokers who will sell away unauthorized products because they want to earn the higher commissions and fees.

∙ Other financial advisors will sell away to keep their brokerage firms from supervising them, such as in instances when they want to engage in off-book transactions or run some type of investment scam.

∙ Selling away in certain instances is allowed if the financial advisor informs and gains the written approval of the brokerage firm before the transaction happens.

Are Brokerage Firms Liable for Selling Away By One of Their Financial Advisors?

Broker-dealers can be held liable for selling away if they failed to prevent, detect, or stop it from happening. Supervisory deficiencies that allowed the selling away to happen may be grounds for an investment loss recovery claim.

Can I Sue My Financial Advisor Over My Ponzi Scam Losses?

Ponzi schemes are illegal. Separate from any criminal charges made against your broker, you also may be able to file a claim for financial recovery against them and their firm. The broker-dealer doesn’t need know about the scam—or been involved.

How Can I Explore My Legal Options Over Selling Away Losses Involving Ex-LPL Broker William Tunink?

If you are a victim of selling away, you may be able to file a FINRA arbitration claim against your financial adviser and their brokerage firm. But first, you need to find out if you have grounds for a case. Shepherd Smith Edwards and Kantas represents investors who have suffered losses because of Ponzi scams, investment fraud, misappropriation, unsuitability, and other kinds of broker fraud or negligence.

Talk To Us About Your Ponzi Scam Losses

Contact our selling away recovery attorneys today here or call (800) 259-9010 to request your free case consultation.