https://www.americanbanker.com/news/ex-wells-fargo-executive-carrie-tolstedt-shows-up-in-court
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REGULATION AND COMPLIANCEEx-Wells Fargo executive Carrie Tolstedt shows up in court
By Kate Berry
April 08, 2023, 9:55 p.m. EDT
4 Min Read
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Former Wells Fargo retail bank chief Carrie Tolstedt.
Carrie Tolstedt, the former head of Wells Fargo's community banking unit, was arraigned in federal district court in Los Angeles on Friday and entered a not guilty plea on charges of obstructing a bank examination. Bloomberg News
LOS ANGELES — Carrie Tolstedt, Wells Fargo's former head of its community bank, entered a "not guilty" plea at an arraignment hearing on Friday, kicking off a legal battle that could result in prison time for the accused.
Tolstedt stood before District Court Judge Josephine L. Staton at the federal courthouse in downtown Los Angeles and entered a plea of "not guilty," to the criminal charge of obstructing a bank examination. If found guilty, Tolstedt would become the highest-ranking executive at Wells Fargo to go to prison for the phony accounts scandal and its ensuing coverup.
Prosecutors said Tolstedt failed to disclose to federal bank examiners the number of Wells Fargo employees who had been fired or resigned for opening millions of bank accounts without customer authorization.