FINRA Bars Former Wells Fargo Rep Accused of Transferring Client Funds to His Bank Account
The Financial Industry Regulatory Authority has barred former Well Fargo advisor Tyler Michael Rigsbee.
The Financial Industry Regulatory Authority has barred former Well Fargo advisor, Tyler Michael Rigsbee, who was reportedly fired after the firm found that client funds were transferred into his personal bank account through a third-party broker-dealer.
According to FINRA, Rigsbee spent nearly five years with Wells Fargo Clearing Services before being fired in April 2021. The firm alleges that “during the course of an internal review,…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 on to his bank account, without permission from clients.”
FINRA claims that Rigsbee refused to provide information or documents for its investigation. Through his counsel, he reportedly acknowledged that he received FINRA’s request, and signed a letter of acceptance, waiver, and consent without admitting or denying the allegations.
