Three former senior executives of Wells Fargo Bank must pay a combined total of $1.675 million in civil money penalties in settlements with the Office of the Comptroller of the Currency (OCC) for their individual roles in the bank’s now-infamous fake account scandal.
The OCC settlements, announced Monday, include a prohibition order and $925,000 civil money penalty (CMP) against former Community Bank Group Finance Officer Matthew Raphaelson; a personal cease and desist order (PC&D) and $400,000 CMP against the former Head of Community Bank Deposit Products Group Kenneth Zimmerman; and a PC&D and $350,000 CMP against Tracy Kidd, the former head of community bank human resources.
