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.
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The penalties are significant. Didn’t she reject a peal arrangement several years ago that just would have resulted in a fine? $5 million I think.
So after seven or eight years walking free and spending her fraudulently gained treasure trove, she now has to spend 26 months at Palm Springs Penitentiary? She’ll probably be out after six months So many more still deserve jail time including some who still work here.
Blame old leadership as much as you want, but lets not pretend this type of behavior is not still being condoned. WF leadership continues to disregard the real problems within the company and instead is trying to distract the public and the regulators by catering to a more woke “public” agenda in hopes that buying some goodwill will offset the issues. Weak Leadership!!
Better than nothing, but she destroyed many people’s lives. This is a drop in the bucket.
11 ways to "WOW", LOL.
@kgg+1lFDtAws Did you read the articles out there? 16 months in prison is a lock. Might be a Club Fed but, at 63, that won’t be easy. Long overdue and should have been more but it’s not nothing.
She won't see a day in actual "prison", and her "fines" will be tax write off's. At the end of the day she won't feel any pain, nor will she suffer any personal financial loss.
There's a different system of justice for people like her than there is for people like the rest of us.
Yippee. To bad the Hudson's yard crowd will continue to blame us, the people that had nothing to do with any scandal.
She needs WWWAAAYYY more jail time. This witch cost thousands of people their jobs and careers. She ruined a great American bank through her greed. I hope the judge accepts the plea but sentences her to the maximum allowed.
Sorry to keep you all up — yes, I’m setting off fireworks and I don’t care 🤷♂️
Spent the last 6 yrs paying for this gals crimes. About time we're free of sins the rest of us never committed and have been blamed for. Hope the botch enjoys prison at 63.
Well deserved. I had been wondering what ever happened to her.
Carrie was Stumpy's Golden Girl. She could do no wrong in his eyes.
A Board of Directors report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America".
Shameful on her part
Carrie was the architect of the sales scandal, lied and misrepresented facts to everyone (including the FEDS) and has dodged accountability for years. She was a primary driver of destroying the WF culture although her other partner executives participated. The inflated sales juiced the stock performance, the community bank appeared to be doing well, they got rich, but it was smoke and mirrors, Meanwhile, thousands of employees were terminated because they chose to do the wrong thing because of greed, or under threat or pressure from their managers, DMs, and some Regional Presidents to open accounts. It was just a “sh*t show” for HR Consultants, then HRA, ER, Investigations along with frequent engagement with Legal. We knew the why, sounded the alarm and Carrie dug in to continue with her facade. And, as it turned out the General Counsel and Head of Audit were also fined because they knew too. After Stumpf, there was Sloan, and now Scharf along with the soul of what was Wells Fargo.
@tsf+1lFDtAws Yet all the scandals were originating from the west coast branches….legacy Wells Fargo branches…. Try again
YES!!!! Perpetrators can never make up for the damage they caused, but terrific to see prison time, etc.
We need much more of this!
May be wachovia merger was big mistake. Toxic culture and mis management probably started growing big and it is still continuing? . CEO come and go and they won't be able change whole lot .
Haven’t they come after these folks enough? Fake accounts was garbage sales practices and they shouldn’t been fired and fined but prison time is ridiculous.
Stumpf was a better CEO than Scharf.
Stumpyyy needs to serve time as well. And claw back all of the money that they have stolen. 17 mill is not enough
About time!
YES....Finally!!!