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Wells Fargo executive barred and fined $17 million

Sioux Falls, SD
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Carrie Tolstedt is the former head of the Community Bank, a division of Wells Fargo Bank, N.A. Ms. Tolstedt has been issued a consent order of prohibition and for payment of a $17,000,000 civil money penalty in connection with her participation in the sales practices misconduct of Wells Fargo Bank, N.A. from 2002 through 2016, which included the practices of bank employees issuing a product or service to a customer without the customer’s consent, transferring customer funds without the customer’s consent, or obtaining a customer’s consent by making false or misleading representations.

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