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SEC charges ex-Wells Fargo execs with misleading investors

Nov 16, 2020 - American Banker

The Securities and Exchange Commission on Friday accused two former top Wells Fargo executives of misleading investors about a sales metric that was exposed as unreliable after bank employees were found to have opened fake accounts for customers in order to meet sales goals.

Former CEO John Stumpf agreed to pay a $2.5 million penalty in order to settle the civil charges. Onetime community banking head Carrie Tolstedt did not agree to a settlement, and she now faces an SEC civil lawsuit tha...