Another former LPL Financial advisor, Wiliam B. Tunink, is facing serious allegations of misconduct and violating customers’ trust.
Last week, a federal grand jury in Des Moines returned an indictment charging Tunink, who was registered with LPL Financial from 2021 to 2025, with 10 counts of wire fraud related to a Ponzi scheme involving multiple victims and more than $2 million in losses.
A spokesperson for LPL Financial did not return a call Monday to comment. FINRA barred Tunink from the securities industry in March, according to his BrokerCheck profile, and LPL Financial last year fired him.
With more than 30,000 financial advisors working with LPL, the firm by far is the largest brokerage firm in the United States by headcount, and a handful of its advisors have been the focus recently of criminal or regulatory actions.
Some state and national regulators for years have been critical of potential gaps in supervision of large networks of independent contractor advisors like those at LPL Financial, while firms point to improvements in technology to supervise advisors.
Just last week, Andrew Komarow, a one-time financial advisor in Connecticut whose practice focused on special needs and autism, pleaded guilty in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.
Komarow, 36, pleaded guilty to wire fraud, which has a maximum prison term of 20 years. He was registered with LPL Financial from 2016 to the end of 2022 and then briefly with Royal Alliance Associates Inc., now Osaic Wealth, according to his BrokerCheck report.
And last month, FINRA said it had barred a broker who was fired by LPL Financial in 2025 and faced allegations of taking more than $1.7 million from two customers while registered with LPL.
A veteran financial advisor with 19 years of experience in the industry, Rudy Anguiano was registered with LPL Financial in Brea, Calif., near Anaheim, from April 2022 until last December, according to his BrokerCheck profile.
FINRA barred Anguiano from working at any broker-dealer due to the “conversion - the intentional and unauthorized taking of another person’s property - of $1,731,000 from two customers’ accounts into an outside business bank account,” according to a statement by FINRA.
Meanwhile, Tunink, 73, allegedly “solicited investments from victims under the guise that the money would be used for investment purposes,” according to a statement last Tuesday from the U.S. Attorney’s Office.
The indictment, however, alleges that “Tunink ultimately used the money for other purposes, including payment of Tunink’s personal debts and for his own benefit,” according to the statement, and losses allegedly exceed $2 million.
According to BrokerCheck, Tunink, who started working in the retail securities industry in 1996, has more than 20 settled customer complaints against him.
Broker-dealers will soon share targeted returns under SEC-approved Rule 2210 changes, but one securities lawyer warns the regimes aren’t identical.
Insurers ranking independent broker-dealers ahead of RIAs for near-term growth as fee-only fiduciaries still find annuities a hard fit
Most voters 50-plus in swing districts favor candidates backing a caregiver tax credit, as caregiving drains retirement savings
New F2 Strategy research finds more firms growing without M&A, yet one-third still lack a defined growth process.
Shadow AI, weak oversight, and no formal policy highlight why advisory firms are more exposed to cyber risk than they realize.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
