Former Wells Fargo Executive Escapes Prison in Fake Accounts Scandal
A former top executive at Wells Fargo, Carrie L. Tolstedt, has avoided prison time for her involvement in the bank's sham accounts scandal. Instead, she has been sentenced to six months of home confinement, three years of probation, a $100,000 fine, and 120 hours of community service. Tolstedt, who was head of retail banking at Wells Fargo, pleaded guilty to obstructing a bank examination. Prosecutors had sought a 12-month prison sentence, but the judge opted for leniency, considering Tolstedt's health issues and her "lifelong charitable works." The scandal, which came to light in 2016, led to the discovery of additional misdeeds and resulted in billions of dollars in fines for the bank.