Former Wells Fargo executive agrees to pay $3 million fine

Former Wells Fargo & Co. (WFC) executive Carrie L. Tolstedt has agreed to pay $3 million to settle charges connected with allegedly misleading investors about the success of the Community Bank, Wells Fargo's core business, the U.S. Securities and Exchange Commission said late Tuesday. The SEC already has settled related charges against Wells Fargo's former Chief Executive John Stumpf. Tolstedt, who retired in 2016 around the time of Wells Fargo's fake-account scandal, did not admit or deny the SEC's allegations. In addition to the $3 million civil penalty, Tolstedt agreed to pay nearly $1.5 million plus interest; the SEC said it will combine the money with the $500 million paid by Wells Fargo and the $2.5 million penalty paid by Stumpf in previous settlements to distribute the sum to "harmed investors." The settlement is subject to court approval.

-Claudia Assis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

05-30-23 1751ET

Copyright (c) 2023 Dow Jones & Company, Inc.