off-the-wire

Former Wells Fargo executive pleads guilty to obstructing bank examination, fined $17 mln in fake accounts scandal

Kitco Media
By Reuters
Published:
Updated:
Reuters

WASHINGTON, March 15 (Reuters) - The former head of Wells Fargo's retail bank has pleaded guilty to obstructing a bank examination and will pay a banking regulator a $17 million fine for her role in the bank's sweeping fake accounts scandal.

Carrie Tolstedt faces up to 16 months in prison under the plea agreement, according to federal prosecutors in Los Angeles. The civil penalty was announced separately by the Office of the Comptroller of the Currency.

Reporting by Pete Schroeder
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