Former Wells Fargo Execs Plead Guilty and Face Prison Time for Fake Accounts 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 rocked the bank in 2016. She faces up to 16 months in prison and a civil penalty of $17 million. Tolstedt was "significantly responsible" for the widespread sales abuses at the bank, where potentially millions of accounts were opened without customer approval. This marks a rare instance of a senior bank executive facing prison time as a result of their job.