Tyler Rigsbee Sentenced to 2 Years

TYLER MICHAEL RIGSBEE (Tyler Rigsbee), a former Wells Fargo of Sacramento, California, financial advisor, was sentenced to two years in prison for misappropriating funds from elderly bank customers from approximately 2016 to 2021.

According to the US Attorney’s Office for the Eastern District of California, Rigsbee, who is from Cameron Park, California, transferred $113,160 from one victim’s account into an account he controlled using the name and identity of the account beneficiary. Tyler Rigsbee, according to prosecutors, then stole $45,800 from a second victim’s account by making several transactions into an account in the victim’s name that Rigsbee controlled, and then Rigsbee transferred the money into his own personal bank account. Additionally, Rigsbee stole $16,700 from another elderly client to try and cover his previous theft and put it into the second victim’s account.  Prosecutors said the account was flagged when the funds were reverted.

In a recent article from Financial Advisor IQ, they stated that in September of last year, Tyler Rigsbee agreed to plead guilty to aggravated identity theft and recently was sentenced to the two-year prison sentence. Rigsbee was also ordered to pay $158,960 in restitution.

FINRA has barred Tyler Rigsbee from acting as a broker or otherwise associating with a broker-dealer firm. Rigsbee was previously registered both as a broker and as an investment advisor.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Tyler Rigsbee was in the securities industry for 6 years and was listed with 2 firms. Rigsbee began his financial services career in 2014 with Edward Jones of El Dorado Hills, California. He then joined Wells Fargo Clearing Services, LLC of Sacramento, California in 2016. He was discharged from Wells Fargo in 2021 following the allegations of, “Financial advisor 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 begin transferred from Wells Fargo to a third party broker dealer, and then to his bank account, without permission from clients.” Tyler Rigsbee was barred by FINRA in July of 2021.

If you or an elderly family member suffered financial losses due to the actions or recommendations or Tyler Rigsbee formerly of Wells Fargo Clearing Services, LLC of Sacramento, California, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents our clients nationally before FINRA on a contingency fee basis, no fee to you if no recovery.