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.
with the government, Tolstedt agreed to pay a $17 million fine and accepted a ban from working in the banking industry. that from 2002 to 2016, employees opened millions of unauthorized accounts to meet the bank's target sale goals or receive certain incentives. From 2007 to 2016, Tolstedt was head of the bank's consumer and small business retail division, per the plea agreement, which lays out that she was aware of the misconduct.
Tolstedt"corruptly obstructed the OCC's examination by seeking to minimize the scope of the sales practices misconduct issue," the plea agreement reads, referring to the government's Office of the Comptroller Currency. Specifically, she did not disclose the number of employees who were terminated or who resigned in connection with sales misconduct.
She left Wells Fargo in September 2016, just before the scandal came to light, which resulted in the firing of 5,300 employees for falsifying bank records and other violations, the Associated Press. Tolstedt is the first Wells Fargo executive to be criminally charged for the scandal.Sign up for notifications from Insider! Stay up to date with what you want to know.
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