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Former Wells Fargo Exec Pleads Guilty

Former Wells Fargo Exec Pleads Guilty

by Starling Insights

Starling Insights Editorial Board

Mar 23, 2023


Carrie L. Tolstedt, Wells Fargo's former Head of Retail Banking, has agreed to plead guilty to a criminal charge of obstructing a bank examination in connection with her role in the bank's fake accounts scandal. 

Prosecutors accused Tolstedt of knowingly turning a blind eye to signs that bank employees were using illegal tactics to meet aggressive sales targets. She also allegedly helped prepare a memo in which she concealed details about the scope and scale of the bank's internal problems. 

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