Ex-Wells Fargo exec fined $17M for role in fake accounts scandal

The former head of Wells Fargo’s community bank will pay a $17 million fine issued by the Office of the Comptroller of the Currency (OCC) for her role in the bank’s fake accounts scandal.

The OCC’s order found Carrie Tolstedt “was significantly responsible for the systemic sales practices misconduct at the bank” and that the bank’s business model “imposed unreasonable sales goals on its employees, along with unreasonable pressure to meet such goals.”

Tolstedt agreed to pay the fine Jan. 19, but OCC Senior Deputy Comptroller Gregory Coleman didn’t sign off on the order until March 9. The OCC published the order in a press release Wednesday.