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Former Wells Fargo executive faces prison, $17 million fine over fake accounts scandal
The U.S. banking system is strong -- strongly corrupt.
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By Chris Prentice and Pete Schroeder
via Yahoo Finance, Sunnyvale, California
Wednesday, March 15, 2023
WASHINGTON -- The former head of Wells Fargo's retail bank is facing prison time after pleading guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016.
Carrie Tolstedt faces up to 16 months in prison under a plea agreement with federal prosecutors filed on Wednesday, as well as a civil penalty of $17 million announced separately by the Office of the Comptroller of the Currency, who said Tolstedt was "significantly responsible" for the widespread sales abuses at the bank, where potentially millions of accounts were opened without customer approval.
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Tolstedt pleaded guilty to one count of obstruction of a bank examination and is expected to make her initial court appearance in Los Angeles in the coming weeks, the Los Angeles U.S. attorney's office said in a statement. ...
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