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Former Wells Fargo Broker, Tyler Rigsbee, Barred by FINRA
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Tyler Rigsbee from the securities industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after Wells Fargo terminated Mr. Rigsbee in April 2021 and alleged that he “was terminated during the course of an internal review where documents appear to show that client funds were received in his personal bank account after being transferred from Wells Fargo to a third-party broker-dealer, and then to his bank account, without permission from clients.”
Mr. Rigsbee was associated with Wells Fargo Clearing Services, LLC in Sacramento, CA, from October 2016 until April 2021.
Customers of Mr. Rigsbee or Wells Fargo can contact our New York securities arbitration law firm for a free and confidential consultation and review of their legal rights.
Iorio Law PLLC represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Wells Fargo.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021071026301
Tyler Rigsbee and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 7, 2021, after Mr. Rigsbee refused to provide documents and information connected with FINRA’s investigation into allegations made by Wells Fargo in connection with his termination in April 2021.
According to Mr. Rigsbee BrokerCheck report, Wells Fargo discharged Mr. Rigsbee on April 7, 2021, after alleging that he “was terminated during the course of an internal review where documents appear to show that client funds were received in his personal bank account after being transferred from Wells Fargo to a third-party broker-dealer, and then to his bank account, without permission from clients.” Wells Fargo further disclosed that it was notified by E-Trade that it received customer complaints about securities and funds leaving Wells Fargo and flowing into accounts opened in client names at E-Trade without client permission. E-Trade provided Wells Fargo with information that showed that funds were then transferred from E-Trade to a common Wells Fargo bank account that was controlled by Mr. Rigsbee.
On April 20, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Rigsbee for the production of documents and information pursuant to FINRA Rule 8210. On June 22, 2021, Mr. Rigsbee stated in an email through counsel that he would not produce information and documents.
By refusing to cooperate with FINRA’s investigation, Mr. Rigsbee violated FINRA Rules 8210 and 2010.
Financial Advisor Tyler Michael Rigsbee (CRD No. 6351278)
Tyler Michael Rigsbee had six years of experience in the securities industry and has been associated with the following firms:
- Wells Fargo Clearing Service, LLC in Sacramento, CA, from October 2016 until April 2021.
- Edward Jones in El Dorado Hills, CA, from August 2014 until October 2016.
Wells Fargo – Supervisory Duties
Brokerage firms like Wells Fargo must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Tyler Rigsbee or Wells Fargo, contact New York securities arbitration attorney August Iorio of Iorio Law PLLC. August Iorio can be reached at info@iorio.law or toll-free at (646) 330-4624 for a free and confidential review of your legal rights.
About Iorio Law PLLC
Iorio Law PLLC is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.
We have over 15 years of experience as securities arbitration lawyers and have helped investors recover investment losses in over 800 cases. The firm will file a FINRA securities arbitration claim on your behalf on a contingency fee basis to try to recover your losses. If we do not obtain a recovery, you do not owe us a legal fee.
This blog was published by August Iorio when he was a Partner at his previous firm and has been updated to reflect Iorio Law PLLC’s new contact information. To evaluate any potential claims, contact securities arbitration lawyer August Iorio for a free consultation contact Iorio Law PLLC at info@iorio.law or (646) 330-4624.