Ex-Wells Fargo exec to pay $5M in SEC settlement over fake accounts
By 
Aaron Nicodemus2023-05-31T17:55:00
A former Wells Fargo executive agreed to pay nearly $5 million to settle charges levied by the Securities and Exchange Commission (SEC) related to the bank’s fake account scandal.
Carrie Tolstedt, the former head of Wells Fargo’s community bank, agreed to pay a $3 million civil penalty, disgorgement of $1,459,076, and prejudgment interest of $447,874, the SEC said Tuesday in a press release.
Without admitting or denying the agency’s allegations, Tolstedt agreed to a cease-and-desist order and a permanent officer-and-director bar. The settlement, filed in U.S. District Court for the Northern Division of California, is still subject to court approval.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefEx-Wells Fargo exec dodges prison for fake accounts role
Carrie Tolstedt, the former head of Wells Fargo’s community bank who pleaded guilty to obstructing justice regarding her role in the bank’s infamous fake accounts scandal, will not serve prison time.
-
News BriefSEC orders Wells Fargo to pay $35M for overbilling investment advisory clients
The Securities and Exchange Commission fined Wells Fargo $35 million for overcharging nearly 11,000 investment advisory accounts over two decades.
-
News BriefSEC dismisses 42 cases after improper access findings
The Securities and Exchange Commission dismissed proceedings in 42 enforcement cases after disclosing improper staff access to restricted records at the agency occurred on a wider scale than initially identified.
More from Regulatory Enforcement
-
ArticleBoA settles class-action related to its dealings with Jeffrey Epstein
Bank of America has agreed to settle a class-action lawsuit alleging know-your-customer and other failings in its dealings with convicted sex offender Jeffrey Epstein.
-
News BriefSEC’s Uyeda: ‘Enforcement is the wrong way’ to handle off-channel communications
The U.S. Securities and Exchange Commission’s Mark Uyeda told an audience of investment advisers that the SEC will no longer prioritize stand-alone enforcement actions for violations of the SEC’s rules on off-channel communications.
-
News BriefAdobe agrees to $150M settlement over alleged cancellation fee violations
Adobe agreed to a $150 million settlement with the U.S. Department of Justice over accusations that it concealed software termination fees and made it difficult for customers to cancel.