A former Wells Fargo Bank executive accused of overseeing a ruse that created millions of bogus customer accounts has agreed to plead guilty to criminal charges likely to send her prison for her role in the scandal.
The agreement filed Wednesday in a Los Angeles federal court calls for the former Wells Fargo executive, Carrie Tolstedt, to serve a 16-month prison sentence for obstructing regulators' investigation into abusive sales practices that culminated in the bank paying billions of dollars in fines. Tolstedt, 63, also agreed to pay a $17 million fine in a separate civil settlement with the government that also bans her from working again in the banking industry.
San Francisco-based Wells Fargo had previously admitted that its ambitious sales goals had fostered a culture that prodded its branch employees to open millions of unauthorized and fraudulent accounts from 2002 to 2016. The U.S. Justice Department alleged Tolstedt - now a resident of Scottsdale, Arizona - knew about the abuses dating back to 2004 and subsequently tried to cover up the misconduct in a memo prepared for regulators looking into the practices in 2015.
“Obstructing an investigation compromises the mission of those seeking the truth, and we will hold accountable any individual who attempts to conceal wrongdoing.” said Acting United States Attorney Joseph T. McNally.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Freeland meets with bank regulator head, BoC following U.S. bank collapseFinance Minister Chrystia Freeland is assuring that Canada's financial institutions are secure after meeting with the head of Canada's bank regulator and the Bank of Canada.
Read more »
Freeland meets with bank regulator head, BoC following U.S. bank collapseChrystia Freeland is assuring that Canada\u0027s banks are secure after meeting with the head of Canada\u0027s bank regulator and the Bank of Canada.
Read more »
Freeland meets with bank regulator head, BoC following U.S. bank collapseChrystia Freeland is assuring that Canada\u0027s banks are secure after meeting with the head of Canada\u0027s bank regulator and the Bank of Canada.
Read more »
Freeland meets with bank regulator head, BoC following U.S. bank collapseChrystia Freeland is assuring that Canada\u0027s banks are secure after meeting with the head of Canada\u0027s bank regulator and the Bank of Canada.
Read more »
Freeland meets with bank regulator head, BoC following U.S. bank collapseChrystia Freeland is assuring that Canada\u0027s banks are secure after meeting with the head of Canada\u0027s bank regulator and the Bank of Canada.
Read more »
After the collapse of Silicon Valley Bank, how likely are bank failures in Canada?While the risk of a bank failure in Canada isn't zero, many of the circumstances that led to the collapse of Silicon Valley Bank don't apply in the Canadian banking sector.
Read more »