Former Wells Fargo Executives Plead Guilty in Sales Scandal
Carrie Tolstedt, the former head of Wells Fargo's retail bank, has agreed to plead guilty to obstructing a bank examination in relation to the phony accounts scandal that hit the bank in 2016. Tolstedt faces up to 16 months in prison and a civil penalty of $17 million. She is accused of being "significantly responsible" for the widespread sales abuses at the bank, where potentially millions of accounts were opened without customer approval. The penalty resolves the charges filed by the Office of the Comptroller of the Currency against Tolstedt and several other former senior bank executives.