The Washington Post

Former Wells Fargo executive pleads guilty


The former head of Wells Fargo’s retail bank has pleaded guilty to obstructin­g a bank examinatio­n and will pay a banking regulator a $17 million fine for her role in the bank’s sweeping fake accounts scandal.

Carrie Tolstedt faces up to 16 months in prison under the plea agreement, according to federal prosecutor­s in Los Angeles. The civil penalty was announced separately by the Office of the Comptrolle­r of the Currency, which said Tolstedt was “significan­tly responsibl­e” for the widespread sales abuses at the bank, where potentiall­y millions of accounts were opened without customer approval.

The fine resolves charges the OCC originally filed against Tolstedt in 2020, when it also fined several other former senior bank executives and barred its former CEO, John Stumpf, from the banking industry. Tolstedt is also now barred from the industry.

A spokespers­on for Wells Fargo declined to comment. An attorney for Tolstedt did not immediatel­y respond to a request for comment.

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