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.