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Top related persons:
Carrie Tolstedt - 2 Tolstedt - 2 Wells Fargo - 2 Wells - 2 John Stumpf - 2 Stumpf - 2 Jeff Skilling - 1 — CNN’s Matt Egan - 1
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New York Wells Fargo’s Wells Fargo Wells Fargo Bank New York City U.S Los Angeles San Francisco
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Securities and Exchange Commission - 2 Wells - 2 New - 1 New York CNN - 1 Former Wells - 1 OCC - 1 SEC - 1 REUTERS - 1

Search resuls for: "Carrie Tolstedt"


5 mentions found


☆ Wells Fargo: Former executive avoids prison time for her role in fake-accounts fraud
  + stars: | 2023-09-15 | by ( Allison Morrow | ) edition.cnn.com   time to read: +2 min
New York CNN —Former Wells Fargo executive Carrie Tolstedt was sentenced to three years’ probation on Friday for her role in the bank’s sprawling fake-accounts scandal. Wells Fargo has spent billions of dollars over the past eight years to settle allegations related to the accounts scandal, in which Tolstedt played a key role. Tolstedt, the only Wells Fargo executive to face criminal charges in the scheme, paid $17 million to settle a civil case with the the OCC, and $3 million to settle with the SEC. She received a $125 million retirement package when she left Wells Fargo, though the bank has clawed back about $67 million of that. Wells Fargo has struggled to get its house in order since the fake account scandal.
Persons: Carrie Tolstedt, Tolstedt, Wells Fargo, Wells, John Stumpf, Stumpf, Jeff Skilling, — CNN’s Matt Egan Organizations: New, New York CNN, Former Wells, Securities and Exchange Commission, OCC, SEC, Wells Locations: New York, Wells Fargo’s, Wells Fargo
☆ Former Wells Fargo executive avoids prison in fake-accounts scandal
  + stars: | 2023-09-15 | by ( Chris Prentice Jonathan Stempel | Chris Prentice | Jonathan Stempel | ) www.reuters.com   time to read: +2 min
Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsCompanies Wells Fargo & Co FollowSept 15 (Reuters) - The former head of Wells Fargo's (WFC.N) retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Prosecutors had sought a one-year prison term for Tolstedt, but the judge said it would unfairly make Tolstedt appear solely responsible for Wells Fargo's misconduct. That cap remains in place, though Wells Fargo remains the fourth-largest U.S. bank. Wells Fargo has also clawed back tens of millions of dollars of her pay.
Persons: Wells Fargo's, Carrie Tolstedt, Josephine Staton, Wells, Tolstedt, Martin Estrada, Wells Fargo, John Stumpf, Stumpf, Chris Prentice, Jonathan Stempel, Jaiveer Singh, Shounak Dasgupta, Matthew Lewis Organizations: REUTERS, Companies Wells, U.S, San, Wells, Prosecutors, Federal Reserve, Securities and Exchange Commission, Thomson Locations: Wells Fargo Bank, New York City, U.S, Los Angeles, San Francisco, America, Wells, New York, Bengaluru
☆ Former Wells Fargo Executive Blamed in Fake-Accounts Scandal Agrees to Plead Guilty
  + stars: | 2023-03-16 | by ( Dave Michaels | ) www.wsj.com   time to read: 1 min
Wells Fargo paid $3 billion in 2020 to settle investigations by the Justice Department and the SEC. The former head of Wells Fargo & Co.’s community bank has agreed to plead guilty to obstructing regulators who tried to examine allegations of sales misconduct at the business she ran, prosecutors said Wednesday. Carrie Tolstedt ’s deal with Los Angeles federal prosecutors would resolve a criminal investigation into her role in the bank’s long-running, fake-accounts scandal, which severely damaged Wells Fargo’s reputation and contributed to an asset cap imposed by the Federal Reserve that limited its size.
☆ Ex-Wells Fargo exec who pushed bankers to open fake accounts will plead guilty. She'll pay a $17 million fine — and faces more than a year in prison.
  + stars: | 2023-03-16 | by ( Grace Mayer | ) www.businessinsider.com   time to read: +2 min
A former Wells Fargo exec agreed to plead guilty to charges she obstructed a bank examination. Carrie Tolstedt, who led the bank's retail division, will pay a $17M fine and faces prison time. She is the first exec to be criminally charged in the bank's scandal involving unauthorized accounts. The plea agreement calls for Tolstedt to serve up to 16 months in prison. Tolstedt is the first Wells Fargo executive to be criminally charged for the scandal.
☆ Former Wells Fargo exec faces prison, will pay $17 mln fine over fake accounts scandal
  + stars: | 2023-03-15 | by ( Chris Prentice Pete Schroeder | Chris Prentice | Pete Schroeder | ) www.reuters.com   time to read: +2 min
Companies Wells Fargo & Co FollowWASHINGTON, March 15 (Reuters) - The former head of Wells Fargo's retail bank is facing prison time after pleading guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016. An attorney for Tolstedt, who ran the bank's retail and small business lending from 2007 to 2016, declined to comment. But, in this case, Ms. Tolstedt took steps to cover up misconduct at Wells Fargo," Joseph McNally, acting U.S. attorney for the central district of California, said in a statement. A spokesperson for Wells Fargo declined to comment. The development marks a rare instance of a senior bank executive facing prison time as a result of their job, but some said it does not go far enough.
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