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Securities And Exchange Commission Charges Wells Fargo CEO Over Fake Accounts Scandal
Summary: The Securities and Exchange Commission charged former Wells Fargo CEO John Stumpf with misleading investors about the success of the division involved with the bank's fake-account scandal, as reported by CNN. Charges have also been filed against Carrie Tolstedt, the former head of Wells Fargo's community bank, marking the latest legal proceedings since the bank admitted to creating ...
The Securities and Exchange Commission charged former Wells Fargo CEO John Stumpf with misleading investors about the success of the division involved with the bank's fake-account scandal, as reported by CNN.
Charges have also been filed against Carrie Tolstedt, the former head of Wells Fargo's community bank, marking the latest legal proceedings since the bank admitted to creating millions of fake bank and credit card accounts.
Carrie Tolstedt allegedly advertised to investors the bank's wealth of clients, while using the false accounts as evidence. Additionally, Tolstedt signed off on the accuracy of Wells Fargo's public disclosures when she knew the statements included were false and misleading, according to the SEC.
Stumpf has also been charged with signing off on misleading certifying statements in 2015 and 2016. The SEC said Stumpf without admitting or denying the SEC's findings agreed to pay a civil penalty of $2.5 million and not to commit future violations.
By Emily Mason
Tags: John Stumpf,SEC,Securities and Exchange Commssion,Wells Fargo
Link: Securities And Exchange Commission Charges Wells Fargo CEO Over Fake Accounts Scandal [Copy]
