The former head of Wells Fargo’s retail bank is facing prison time after agreeing to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016.
, 63, faces up to 16 months in prison under a plea agreement with federal prosecutors filed Wednesday. The development marks a rare instance of a senior bank executive facing prison time as a result of their job.
She also faces a civil penalty of $17 million announced separately by the Office of the Comptroller of the Currency, who said Tolstedt was “significantly responsible” for theat the bank, where potentially millions of accounts were opened without customer approval.
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Former Wells Fargo exec faces prison, will pay $17 million fine over fake accounts scandalThe former head of Wells Fargo's retail bank is facing prison time after agreeing to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016.
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