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Judge Recommends $18.5m in Fines for 3 ex-Wells Fargo Execs

Judge Recommends $18.5m in Fines for 3 ex-Wells Fargo Execs

by Starling Insights

Starling Insights Editorial Board

Dec 16, 2022

Observations

US OCC USA Personal Liability & Accountability The Era of Accountability Culture & Consequences Culture & Conduct Supervision Regulatory Reporting Governance, Audit & Regulatory Failures

In a decision last week, US Judge Christopher McNeil recommended that the Office of the Comptroller of the Currency (OCC) fine three former Wells Fargo executives $18.5 million for their roles in the bank's fake-accounts scandal.

According to McNeil, who serves as the in-house judge at the OCC, the executives "separately and collectively engaged in unsafe or unsound banking practices by individually failing to identify and effectively address inadequate controls over known issues of risks related to sales goals pressure in the Community Bank." In so doing, they intentionally avoided escalating concerns and misled regulators "regarding the efficacy of controls over risks related to sales goals pressure," he wrote.

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