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Ex-Wells Fargo Exec May Serve Prison Time

Ex-Wells Fargo Exec May Serve Prison Time

by Starling Insights

Starling Insights Editorial Board

Sep 12, 2023


The US Attorney's Office in Los Angeles has recommended that Carrie Tolstedt, Wells Fargo's former Head of Community Banking, serve a one-year sentence for obstructing an investigation into the bank's 2016 fake accounts scandal. Tolstedt, who pleaded guilty to the charges earlier this year, is the only Wells Fargo executive to face prison in connection with the scandal.

Prosecutors argue that Tolstedt attempted to conceal one of the largest banking scandals in modern history from regulators. "Corporate wrongdoers must be sent a clear message that maintaining a lucrative position through criminal behavior is not worth the risk," the prosecutors said.

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