Securities Arbitration Lawyer Blog
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 New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.
Iorio Altamirano LLP 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 Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your legal rights.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.