{"id":112209,"date":"2020-11-13T20:53:34","date_gmt":"2020-11-13T17:53:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/former-wells-fargo-ceo-and-senior-exec-hit-with-new-sec-charges\/"},"modified":"2020-11-13T20:53:34","modified_gmt":"2020-11-13T17:53:34","slug":"former-wells-fargo-ceo-and-senior-exec-hit-with-new-sec-charges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/former-wells-fargo-ceo-and-senior-exec-hit-with-new-sec-charges\/","title":{"rendered":"#Former Wells Fargo CEO and senior exec hit with new SEC charges"},"content":{"rendered":"

“#Former Wells Fargo CEO and senior exec hit with new SEC charges<\/strong>”
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\n The feds slapp<\/a>ed ex-Wells Fargo chief John Stumpf and the bank\u2019s former community banking head Carrie Tolstedt with fresh civil charges and fines over their roles in the fraud scandal that rocked the bank in 2016.<\/p>\n

The Securities and Exchange Commission said Friday that Stumpf and Tolstedt intentionally misled investors about Wells\u2019 community bank as they inflated the unit\u2019s financial performance while also creating millions of fraudulent and unauthorized accounts.<\/p>\n

The 66-year-old Stumpf \u2014 who left Wells in October 2016 at the height of outrage over the fake accounts, and who famously weathered a grilling from Sen. Elizabeth Warren \u2014 has already agreed to pay a $2.5 million fine but will avoid admitting any wrongdoing to the SEC, according to a filing.<\/p>\n

In January, Stumpf was barred from the banking industry and fined $17.5 million by a banking regulator.<\/p>\n

Tolstedt, who was allowed to \u201cretire\u201d in July 2016 as her unit was revealed to be at the center of Wells Fargo\u2019s crisis, is in significantly more trouble. She has been charged with fraud for certifying that \u201ccross-selling\u201d was on the up and up in 2015 and 2016, despite having been told that was not the case.<\/p>\n

The SEC is seeking $25 million in penalties from Tolstedt, who was once considered one of the most powerful women in banking, and is looking to ban her from ever serving as an officer or director of a public company. She is fighting the case in court.<\/p>\n

\u201cIf executives speak about a key performance metric to promote their business, they must do so fully and accurately,\u201d Stephanie Avakian, director of the SEC\u2019s Division of Enforcement, said in a statement.<\/p>\n

The new charges do not appear to affect Wells Fargo directly. Current chief Charles Scharf has been dealing with regulators since taking the reins of the bank from Stumpf\u2019s successor, Tim Sloan, in September 2019.<\/p>\n

In February, Wells Fargo agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Former Wells Fargo CEO and senior exec hit with new SEC charges” The feds slapped ex-Wells Fargo chief John Stumpf and the bank\u2019s former community banking head Carrie Tolstedt with fresh civil charges and fines over their roles in the fraud scandal that rocked the bank in 2016. The Securities and Exchange Commission said Friday…<\/p>\n","protected":false},"author":1,"featured_media":112210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/11\/stumpf-Tolstedt-wells-fargo-e1605289772410.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[79888,71939,71006,80085,72976,70360,72113],"class_list":["post-112209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-13-20","tag-banks","tag-fraud","tag-john-stumpf","tag-securities-and-exchange-commission","tag-wall-street","tag-wells-fargo"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/112209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=112209"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/112209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/112210"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=112209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=112209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=112209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}