Ex-Wells Fargo exec to pay $5M in SEC settlement over fake accounts

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.