A seventh former senior executive of Wells Fargo Bank has reached a settlement with the Office of the Comptroller of the Currency (OCC) for his role in the bank’s fake account scandal.

James Strother, the bank’s former general counsel, was ordered to pay $3.5 million by the OCC on Jan. 15 as part of a settlement that also included a personal cease and desist order.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...