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A former Wells Fargo advisor was sentenced to 2 years in jail and ordered to pay $158,960 in restitution for committing aggravated identification theft after he stole cash from the accounts of aged victims.
Tyler Michael Rigsbee, 33, of Cameron Park, Calif., was sentenced within the U.S. District Courtroom for the Japanese District of California. The courtroom paperwork described him as monetary advisor as soon as registered by means of the Monetary Business Regulatory Authority with a significant U.S. financial institution in Sacramento, recognized as Wells Fargo by means of Finra’s BrokerCheck web page.
The courtroom mentioned that over two years, Rigsbee stole $158,960 from two aged prospects. In line with an earlier plea settlement, after one of many aged account holders had died in 2018, Rigsbee stole $113,160 from the shopper’s account in March 2019 through the use of the title of the account holder’s nephew to fraudulently switch funds into an E-Commerce account Rigsbee managed, and these have been later deposited into Rigsbee’s private checking account. Rigsbee stole $45,800 from a second shopper’s account incrementally, a number of thousand {dollars} at a time from Might 2020 to February 2021 after organising an E-Commerce account within the shopper’s title and these have been then positioned into Rigsbee’s personal private checking account. Rigsbee tried to hide the scheme by stealing $16,700 from a 3rd aged buyer. The U.S. Lawyer’s workplace mentioned this transaction was flagged and the funds reverted.
“As a result of he funneled this stolen cash by means of E-Commerce brokerage accounts (and the funds earned inventory investments throughout that point), Rigsbee finally pocketed $161,577.50 from his scheme, which is $2,615.31 greater than what he stole from the aged prospects’ accounts,” mentioned the criticism filed by Phillip A. Talbert, the USA lawyer for the U.S. Lawyer’s Workplace for the Japanese District of California.
The Federal Bureau of Investigation was concerned within the investigation, and the case was prosecuted by Assistant U.S. Lawyer Elliot C. Wong, based on an announcement by the U.S. Lawyer’s Workplace.
In line with his BrokerCheck web page, Rigsbee was with Wells Fargo from 2016 to 2021, and earlier than that labored with Edward Jones for 2 years. He was barred by Finra in July 2021 after his agency alerted regulators by means of a U5 kind that paperwork appeared to indicate shopper funds had been obtained in his private checking account.
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