The Brokercheck Report further states that LPL Financial “Discharged” Mr. Tunink for “Failed to disclose and receive prior approval for loans from customers; and settled a customer complaint away from the Firm.” Mr. Tunink had been registered with LPL as a securities representative from 2021 to September 2025, and previously was registered with Avantax Investment Services from 1996 to 2021.

Financial advisors who are registered with FINRA are generally prohibited from taking loans from their customers pursuant to FINRA Rule 3240. The limited exceptions in the rule include loans from family members, loans from financial institutions, and the borrowing or lending arrangement is based on a bona fide business relationship outside of the broker-customer relationship. However, even in those limited exceptions, the representative’s FINRA firm must be notified of the loan and approve the loan.

The Securities Fraud lawyers at Greco & Greco have decades of experience representing harmed investors from across the country for claims related to improper loans and broker theft, as well as claims for suitability, securities fraud, failure to supervise, negligence, violations of Regulation Best Interest, and breach of fiduciary duty. If you have had your trusted investment advisor solicit a loan from you or otherwise wrongfully take control of your funds and savings, please contact Scott Greco for a free attorney consultation.

Mr. Quach was allegedly under investigation by FINRA as a result of being permitted to resign “while under review by the firm for violating firm’s policy related to borrowing funds from a client.” Mr. Quach’s FINRA Brokercheck report states that he was registered with Transamerica since 2012. The report further states that he had one recent customer complaint relating to borrowed funds that settled, and that he was permitted to resign in March, 2023.

Registered financial advisors are generally prohibited from borrowing money from customers under FINRA Rule 3240 except in limited circumstances such as from a family member or other personal relationship. The loan must also be disclosed and approved by the advisor’s firm.

The reasons behind the rule include the myriad of conflicts of interest associated with an advisor recommending to a customer that they pay the advisor their funds, and further include the fact that such loans can be cover for thefts by financial advisors.

The Maryland Securities Fraud attorneys at Greco & Greco have decades of experience representing customers who have been defrauded by their financial advisors through loan schemes or actual thefts. Please contact Scott Greco for a free attorney consultation if you may have been a victim of such a scheme.

According to the AWC, Mr. Smith borrowed money in five different loans from a single customer without advising his firm about the loans. Loans from customers to stock brokers are generally prohibited unless they fall into several limited exceptions such as when the customer is a family member. The loans were allegedly discovered when the customer died and the estate raised questions about the loans. Mr. Smith subsequently resigned from Edward Jones while under investigation.

The FINRA AWC imposed a year suspension on the financial advisor, and a $10,000 fine.

Greco & Greco has previously recovered funds for multiple customers who knowingly or unknowingly were involved in loans to the financial advisors in violation of industry rules and brokerage firm policies. In some situations advisors may attempt to cover up broker theft from customers through the use of claimed loans. If you or someone you know was a victim of such misconduct, please contact Scott Greco for a free attorney consultation about your case.

Mr. Liddle’s FINRA Brokercheck states that Mr. Liddle was permitted to resign after allegations that he took GWG investment monies and deposited them in a Prosper Wealth Management Account. The Brokercheck further lists five customer complaints alleging the stealing of assets and issuance of promissory notes.

Greco & Greco has extensive experience representing customers of financial advisors across the country who steal funds and assets and/or borrow monies from customers. Please contact W. Scott Greco for a free attorney consultation if you believe you may be a victim of Mr. Liddle or other advisors who engaged in wrongful conduct.

Greco & Greco’s Wisconsin Investment Fraud page.

According the the FINRA Letter of Acceptance Waiver and Consent found here, Mr. Rowe refused to provide documents in response to a request of FINRA investigators. The AWC, signed by Mr. Rowe, imposed a bar on Mr. Rowe’s association with any FINRA member in all capacities.

Mr. Rowe’s FINRA Brokercheck report reveals that he voluntarily resigned from Oppenheimer in May 2020 after an allegation that he took a loan from a client without disclosing it to the firm. The report also references multiple customer complaints related to alleged loans, as well as complaints related to unauthorized trading, and inappropriate margin use. Interestingly, a customer complaint regarding a loan made after his separation from Oppenheimer is still listed as “denied” by the firm.

Mr. Rowe’s Brokercheck also reveals two prior settlements of customer complaints in 2005 and 2009 related to allegations of unsuitable trades.

Loans from customers to FINRA registered financial advisors are generally prohibited by FINRA Rules, with a couple minor exceptions. Loans between customers and advisors may often be used by advisors to hide conversion, theft of monies, or other wrongful conduct. FINRA Rule 3240 sets out the limited exceptions to the general prohibition, including loans between family members, and situations involving relationships between the parties outside the customer-broker relationship. Even under those limited circumstances, the loans have to be allowed by the firm, and have to be approved by the firm.

Virginia securities regulations, and those of many other states, also prohibit loans between securities brokers and customers. See 21 VAC 5-20-280 which consider the following to be a violation of duties to observe high standards of commercial honor and just and equitable principles of trade: “1. Engage in the practice of lending or borrowing money or securities from a customer, or acting as a custodian for money, securities or an executed stock power of a customer.”

The Virginia securities fraud attorneys at Greco & Greco have represented multiple customers in FINRA arbitrations over the years involved in recommended loans to securities salespersons in violation of FINRA Rules and state regulations. If you would like to discuss your situation with an attorney at no charge, please contact Scott Greco for a free attorney consultation.