FINRA recently disclosed that it barred former Wells Fargo Clearing Services, LLC broker Tyler Rigsbee from associating with any FINRA member in all capacities relating to receiving client funds in his bank account without the clients’ authorization, per a FINRA Letter of Acceptance, Waiver and Consent (AWC), Case # 2021071026301.
What is a FINRA AWC?
According to FINRA Rule 9216, if FINRA’s Department of Enforcement has reason to believe a member or associated person has committed a violation, and that member or associated person does not dispute the violation, the Department of Enforcement may prepare and request that the member or associated person execute a Letter of Acceptance, Waiver and Consent.
An AWC contains several important details. For instance, the letter will describe:
Termination of Wells Fargo Clearing Services Broker Tyler Rigsbee For Receiving Client Funds in his Bank Account without Clients’ Authorization.
According to FINRA BrokerCheck, Tyler Rigsbee was terminated by Wells Fargo in April 2021 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.
“Rigsbee refused to provide information and documents requested by FINRA pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010”
FINRA AWC NO. 2021071026301
A Firm Statement appearing in Rigsbee’s BrokerCheck states that Wells Fargo 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 information to the firm showing that received funds then transferred from E-Trade to a common Wells Fargo bank account. Wells Fargo determined the bank account was controlled by Mr. Rigsbee and launched an internal review.
FINRA BrokerCheck of Tyler Rigsbee
According to the BrokerCheck, Rigsbee first became registered with FINRA in 2014. In October 2016, he registered through Wells Fargo Clearing Services, LLC as a General Services Representative. He was registered with Wells Fargo Clearing Services, LLC in Sacramento, CA until April 9, 2021.
Investment Losses Relating to Tyler Rigsbee, Wells Fargo Clearing Services, LLC and E-Trade – Contact Us
Former and current customers of Tyler Rigsbee with investment losses that exceed $100,000, and those who may have information relating to the manner in which the firm handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net‐worth, ultra‐high‐net‐worth, and institutional investors, such as non‐profit organizations, unions, public and multi‐employer pension funds. KlaymanToskes has office locations in California, Florida, New York and Puerto Rico.
Contact:
KlaymanToskes
Lawrence L. Klayman, Esq., (561) 542-5131
lklayman@klaymantoskes.com
www.klaymantoskes.com