Tyler Rigsbee, Wells Fargo Broker, Sentenced for Fraud Scheme 

Ex-Wells Fargo Broker Tyler Rigsbee Allegedly Stole from Elderly Clients 

According to a press release on May 1, 2023, financial advisor Tyler Rigsbee, 33, of Cameron Park, Calif. was sentenced to two years in prison and ordered to pay $158,960 in restitution for committing aggravated identity theft. 

From 2016 to 2021, while working as a FINRA-registered financial advisor, Rigsbee allegedly targeted elderly bank customers and stole $158,960 from these victims’ accounts. 

Rigsbee purportedly stole $113,160 from one elderly victim’s account by using the name and identity of the account beneficiary to fraudulently transfer the funds into another account that Rigsbee had purportedly set up and controlled in the beneficiary’s name. He then allegedly stole $45,800 from the account of a second elderly victim by transferring funds in incremental amounts into a separate account that Rigsbee had reportedly set up and controlled in the victim’s name. Rigsbee then allegedly pocketed the money by transferring these funds into his own personal bank account. 

Toward the end of his alleged scheme, Rigsbee attempted to conceal his theft by allegedly stealing $16,700 from a third elderly customer’s account and attempting to funnel that money into the second victim’s account to partially replace what he previously stole. However, this transaction was flagged, and the funds were reverted. 

His FINRA broker profile indicates that the regulator barred Rigsbee from working in the securities industry in July 2021. Rigsbee was  affiliated with Wells Fargo, in Sacramento, CA from October 2016 until he was reportedly fired in April 2021, according to FINRA. 

Tyler Rigsbee – FINRA BrokerCheck Profile       

The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.       

BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.       

According to Tyler Rigsbee’s FINRA broker report, he was associated with the following firms, during his career:    

10/25/2016 – 04/09/2021, WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616), SACRAMENTO, CA,  

08/12/2014 – 10/26/2016, EDWARD JONES (CRD#:250), EL DORADO HILLS, CA 

FINRA Attorneys to Recover Investment Losses      

When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. FINRA arbitration is generally a faster and less expensive alternative to traditional litigation.       

If your broker has defrauded you, you may be able to file a claim with FINRA to seek resolution through arbitration. FINRA arbitration can be a complex and technical process, and having an experienced attorney who is knowledgeable about securities law can greatly increase your chances of success.           

The FINRA attorneys at the White Law Group can help you with many aspects of the arbitration process including evaluating the merits of your claim and determining whether you have a strong case for arbitration.           

The White Law Group can assist you in drafting a statement of claim that accurately reflects the allegations of fraud and the damages you are seeking. They will also represent you at the arbitration hearing, present evidence and make arguments on your behalf. They may be able to negotiate a settlement for you before going to arbitration.      

Potential FINRA Claims to Recover Investment Losses 

If you suffered losses due to Tyler Rigsbee and Wells Fargo, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation. 

 The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.          

Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.           

With over 30 years of securities law experience, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions attempt to recover their investment losses.  For more information, please visit our website, whitesecuritieslaw.com.