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Carrie Tolstedt

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business2 years ago

Ex-Wells Fargo Exec Escapes Prison in Fake Accounts Scandal

Lawyers for former Wells Fargo executive Carrie Tolstedt argue that she should be sentenced to three years of probation instead of prison time for obstructing a bank examination. They claim that a noncustodial sentence would be appropriate given her "lifelong history of good character" and would allow her to continue supporting her aging mother, in-laws, friends, mentees, church family, and charitable causes. Tolstedt has already faced significant financial and reputational consequences, including fines and penalties of over $21 million, clawbacks totaling $67 million, and constant public humiliation. The recommendation for probation aligns with the U.S. Probation Office's advice, while prosecutors have called for a 12-month prison sentence. Tolstedt is the only former Wells Fargo executive to face criminal charges in connection with the bank's phony-accounts scandal.

via American Banker|
#business#carrie-tolstedt#probation
business2 years ago

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.

via The Hill|
#banking-industry#business#carrie-tolstedt
business2 years ago

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.

via NBC News|
#bank-examination#business#carrie-tolstedt
business2 years ago

Guilty Pleas and Prison Time for Wells Fargo Execs and Tax Preparers

Carrie L. Tolstedt, former head of retail banking at Wells Fargo, has agreed to plead guilty to obstructing a bank examination, becoming the first high-ranking executive to be criminally charged for the bank's actions in the sham accounts scandal that erupted in 2016. Tolstedt faces up to 16 months in prison, and her plea agreement calls for a sentence of up to 16 months. Prosecutors allege that Tolstedt knowingly turned a blind eye to signs that bank employees were using illegal tactics to meet the bank's aggressive sales targets.

via The New York Times|
#business#carrie-tolstedt#criminal-charges
business2 years ago

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.

via Reuters|
#bank-scandal#business#carrie-tolstedt