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.
2023-09-18T15:46:00Z By Kyle Brasseur
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.
2023-08-25T16:19:00Z By Aaron Nicodemus
The Securities and Exchange Commission fined Wells Fargo $35 million for overcharging nearly 11,000 investment advisory accounts over two decades.
2023-06-05T15:05:00Z By Kyle Brasseur
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.
2025-07-31T18:47:00Z By Adrianne Appel
More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
2025-07-31T16:44:00Z By Adrianne Appel
Kentucky took aim at Chinese company Temu, alleging in a lawsuit that it counterfeited popular Kentucky-designed merchandise and violated customers’ privacy.
2025-07-30T17:56:00Z By Aly McDevitt
The Department of Labor is using poultry processing company Mar-Jac Poultry as an example of what will happen when companies repeatedly employ underage workers in hazardous conditions. Hint: Companies can’t pin the blame on staffing agencies.
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