Former Wells Fargo exec faces yearlong prison sentence for accounts scandal

Federal prosecutors are recommending a one-year prison sentence for Carrie Tolstedt, the former head of Wells Fargo's retail banking division, for obstruction of a banking examination related to the bank's fake accounts scandal. Prosecutors accused Tolstedt of attempting to conceal the scandal from regulators and argued that corporate wrongdoers must be held accountable. In addition to the prison sentence, they also requested one year of supervised release. Tolstedt has already pleaded guilty to the charge and agreed to a ban on working in the banking industry and paying a $17 million civil penalty.