

Please try another search
By Pete Schroeder
WASHINGTON (Reuters) - The Securities and Exchange Commission charged former Wells Fargo (NYSE:WFC) CEO John Stumpf and retail banking head Carrie Tolstedt with misleading investors, the watchdog announced Friday.
The agency claimed that the former executives misled investors about the widespread sales practice problems at the bank. Stumpf agreed to pay a $2.5 million penalty to settle the charges, while the SEC will litigate fraud charges against Tolstedt in court.
A lawyer for Stumpf did not immediately respond to a request for comment. An attorney for Tolstedt said she was an "honest and conscientious executive," and the SEC charges are "unfair and unfounded."
The new charges mark the latest in a long-running set of legal and regulatory woes for the bank and its former leadership, after the firm was embroiled in a massive scandal over the creation of fake accounts by employees. In February, the bank agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department.
Stumpf and Tolstedt have faced individual sanctions as well. Stumpf was barred from the banking industry and fined $17.5 million by a banking regulator in January, and Tolstedt is facing a $25 million fine which she is fighting in court.
In the latest charges, the SEC said the pair misled investors about the health of their sales practices, and they should have known about deep-seated issues within the bank.
(Reuters) - Russian lender Sberbank on Wednesday said its online banking systems SberBusiness and SberPro have been deemed fully compatible with Astra Linux, a Russian-made...
By Sam Boughedda Investing.com -- U.S. equities are gaining Wednesday, with the Nasdaq up 0.8% at lunchtime. Here are your midday movers on May 25th. Dick’s Sporting...
WASHINGTON (Reuters) - Lucid Motors said Wednesday it is recalling 1,100 2022 Air vehicles because display screens may fail to work due to a wiring harness possibly not being...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.