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The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
Former Wells Fargo executive Carrie Tolstedt was sentenced to three years’ probation on Friday for her role in the bank’s sprawling fake-accounts scandal.
(Reuters) -The former head of Wells Fargo's retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Carrie ...
Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [ 1] from which she retired in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. In 2023, she would plead guilty to obstructing a bank examination.
Since 2016, Wells has spent billions of dollars settling civil and criminal charges related to a multiyear scheme that led to more than 2 million fake accounts being opened without customers ...
In March 2019, CEO Tim Sloan resigned amidst the Wells Fargo account fraud scandal and former general counsel C. Allen Parker became interim CEO. [85] In July 2019, Principal Financial Group acquired the company's Institutional Retirement & Trust business. [86] On September 27, 2019, Charles Scharf was announced as the firm's new CEO. [87]
Wells Fargo’s fake-accounts scandal created a national firestorm in 2016. In 2020, it settled with the SEC for $3 billion over the fake accounts. Since then, the bank has also admitted to ...
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