- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-03-16T15:36:00
The former head of Wells Fargo’s community bank will pay a $17 million fine issued by the Office of the Comptroller of the Currency (OCC) for her role in the bank’s fake accounts scandal.
The OCC’s order found Carrie Tolstedt “was significantly responsible for the systemic sales practices misconduct at the bank” and that the bank’s business model “imposed unreasonable sales goals on its employees, along with unreasonable pressure to meet such goals.”
Tolstedt agreed to pay the fine Jan. 19, but OCC Senior Deputy Comptroller Gregory Coleman didn’t sign off on the order until March 9. The OCC published the order in a press release Wednesday.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
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.
Carrie Tolstedt, the former head of Wells Fargo’s community bank, agreed to pay nearly $5 million to settle charges levied by the Securities and Exchange Commission related to the bank’s fake account scandal.
Wells Fargo agreed to pay $1 billion to settle a class-action lawsuit filed by shareholders who claimed the bank overstated its progress in complying with regulatory orders related to its 2016 fake accounts scandal.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
