- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
2025-07-02T18:31:00Z By Aaron Nicodemus
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
2025-07-01T23:26:00Z By Oscar Gonzalez
Since President Donald Trump took office, the U.S. Federal Trade Commission has yet to keep up the level of enforcement it had under previous chair Lina Khan. The agency, however, returned to antitrust action in the case of fuel stations, just in time for the July 4th holiday.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
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