- July 23, 2021
- Wells Fargo Advisors
Tyler Rigsbee (CRD#: 6351278) was a previously registered Broker and Investment Advisor at Wells Fargo Clearing Services, LLC in Sacramento, CA. He entered the securities industry in 2014 and previously worked for Edward Jones.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2021, FINRA sanctioned Tyler Rigsbee, barring him from associating with any member firm in all capacities indefinitely, beginning on July 7, 2021. The FINRA sanction states, “Without admitting or denying the findings, Rigsbee consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA. The findings stated that this matter originated from FINRA’s investigation of the Uniform Termination Notice for Securities Industry Registration (Form U5) filed by Rigsbee’s member firm that disclosed that he had been discharged 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 the firm to a third party broker dealer, and then on to his bank account, without permission from clients.”
For a copy of the FINRA sanction, click here.
In addition, Tyler Rigsbee has been the subject of one disclosure:
● April 2021–”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 being transferred from Wells Fargo to a third party broker dealer, and then to his bank account, without permission from clients.” Tyler Rigsbee was discharged from Wells Fargo Clearing Services, LLC..
For a copy of Tyler Rigsbee’s FINRA BrokerCheck, click here.
FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.
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