Tyler Rigsbee, Aggravated Identity Theft, California 2022

According to court documents, Tyler Rigsbee, 32, of Folsom, California, stole over $158,000 from the accounts of two bank customers while working as a financial advisor at a major bank in Sacramento from 2016 to 2021.

Rigsbee transferred the stolen money from customer accounts to brokerage accounts he created at E-Trade, a third-party financial institution, and then transferred it to his own personal bank account. He also attempted to conceal his scheme by partially replacing some of what he stole from one of these bank customers with money he took from the account of a third bank customer.

After the death of one bank customer in August 2018, Rigsbee created a fraudulent request for distribution of eligible assets from a transfer-on-death account by falsely pretending that he was the deceased customer’s beneficiary. On March 15, 2019, Rigsbee submitted this request for distribution of eligible assets to the bank’s estate processing department, which caused the liquidation of the customer’s account and transfer of these funds to a brokerage account Rigsbee created and controlled.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorney Elliot C. Wong is prosecuting the case.

Rigsbee faces a mandatory term of two years in prison and a statutory maximum fine of up to $250,000 fine or twice the gross gain or gross loss. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

The court has scheduled Rigsbee for an initial appearance on October 5, 2022, before Magistrate Judge Kendall J. Newman.

Tyler Rigsbee, Aggravated Identity Theft, California 2022, the case highlights the importance of financial advisors’ integrity and the consequences of betraying the public’s trust.

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