Iowa Broker and CPA William Tunink Indicted, Accused of Ponzi Scheme That Took $11 Million From 50+ Investors

Published Oct. 22, 2026. Case status is current as of that date.

Many of his investors considered him a close friend, according to federal prosecutors. They say that trust is what made the scheme work.

William Bernard Tunink, 73, has been indicted on 10 counts of wire fraud in the Southern District of Iowa, accused of running a Ponzi scheme in which more than 50 investors handed him over $11 million and lost more than $2 million [1][2]. The U.S. Attorney's Office announced the charges on Oct. 20, 2026, after an investigation by the Iowa Insurance Division's Fraud Bureau and the FBI [3].

Important: Tunink has been charged, not convicted. "An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law," prosecutors said [3].

Status: Indicted (filed Oct. 14, 2026, case 4:26-cr-121). Tunink made his initial court appearance on Oct. 16, and trial is set for Nov. 30, 2026 [2][3].

Who is charged

The U.S. Attorney's Office identifies Tunink as a West Des Moines man [3]; the indictment describes him as a resident of Urbandale, Iowa [2]. According to the indictment, Tunink was a registered broker affiliated with one company and a certified public accountant, investment adviser representative and part-owner of a second company. The indictment refers to the two businesses only as "Company A" and "Company B" [2].

How the scheme allegedly worked

The grand jury alleges the scheme ran from at least February 2022 through at least May 2025 [2]. According to the indictment:

• Trust came first. Tunink "first gained the trust of the Investors, many of whom were his clients at Company B or were referred to him by those clients. Many of the Investors considered TUNINK a close friend."
• Short-term "opportunities." He allegedly pitched short-term investment or business deals, including chances to buy additional stock in the two companies from his business partners, "investment units" in Company B, and a claimed need to repay a widow for her late husband's investment and help buying out a business partner.
• Paperwork that looked official. Investors who agreed signed "Silent Partner Agreements" and "Promissory Notes" that, prosecutors say, falsely described the purpose of the money as things like a "Business Purchase Agreement" or "Pay[ing] off an existing promissory note."
• High, "tax free" returns. Tunink allegedly promised to repay principal plus "a specified, high rate of return that TUNINK claimed was tax free."
• Payments into a personal account. Investor checks and wires usually went into Tunink's personal checking account.
• Early payouts to build confidence. He allegedly paid early investors back with interest, saying the money came from the investments, when it actually came from newer investors or short-term loans.
• Excuses when payments stopped. When regular payments stopped, he allegedly gave "false reasons" for the delays.

Instead of investing the money, the indictment alleges, Tunink used it "to pay back prior Investors, pay down his personal debts and loans he had obtained from third parties, and for his own benefit and purposes" [2].

The 10 wire fraud counts each tie to a specific check deposit or wire from investors, ranging from $44,975 to $135,000, between February 2022 and May 2025 [2]. Each count carries up to 20 years in prison [3].

Red flags

• A trusted adviser offering a side deal outside their firm's normal accounts, especially a "silent partner" stake in their own business.
• Promises of high returns described as "tax free" on a short-term loan or business purchase.
• Being asked to write a check to the adviser personally rather than to a brokerage or custodian.
• A sad or urgent backstory (a widow to repay, a partner to buy out) attached to the request.
• Delays and excuses once the promised payments stop.

What to do if you're targeted

1. Keep investments inside regulated accounts. Money given to a broker or adviser personally, outside their firm, loses many of the protections and records a firm provides.
2. Check the professional's record on FINRA BrokerCheck at brokercheck.finra.org [4] and ask their firm whether the deal is approved.
3. Get a second opinion from an independent adviser or attorney before signing a promissory note or partnership agreement.
4. Iowa residents can contact the Iowa Insurance Division, whose Fraud Bureau worked this case, through iid.iowa.gov [3]. Anyone can also report investment fraud to the SEC at sec.gov/tcr [5].

Case status (as of Oct. 22, 2026)

Defendant	Court	Status as of Oct. 22, 2026	Source
William Bernard Tunink, 73 (West Des Moines per USAO; Urbandale per indictment)	U.S. District Court, S.D. Iowa, No. 4:26-cr-121	Indicted Oct. 14, 2026 (10 counts wire fraud); initial appearance Oct. 16; trial set for Nov. 30, 2026; presumed innocent	[1][2][3]

Statuses can change. Those not convicted are presumed innocent.

Sources

1. U.S. Attorney's Office, Southern District of Iowa, "West Des Moines Man Indicted on Federal Charges Related to a Ponzi Scheme," Oct. 20, 2026. https://www.justice.gov/usao-sdia/pr/west-des-moines-man-indicted-federal-charges-related-ponzi-scheme
2. Indictment, United States v. William Bernard Tunink, No. 4:26-cr-121 (S.D. Iowa, filed Oct. 14, 2026). https://www.justice.gov/usao-sdia/media/1467101/dl?inline=
3. Iowa Insurance Division, "West Des Moines Man Indicted on Federal Charges Related to a Ponzi Scheme," Oct. 20, 2026 (republishing the U.S. Attorney's statement). https://iid.iowa.gov/news/2026-10-20/west-des-moines-man-indicted-federal-charges-related-ponzi-scheme
4. FINRA BrokerCheck (accessed Oct. 22, 2026). https://brokercheck.finra.org/
5. U.S. Securities and Exchange Commission, tips, complaints and referrals (accessed Oct. 22, 2026). https://www.sec.gov/tcr

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