🧵 1. Former Wells Fargo executive avoids prison in fake-accounts scandal. Carrie Tolstedt sentenced to 3 years probation, $100k fine, and community service. @Reuters #business
🧵 2. Tolstedt, ex-head of Wells Fargo's retail bank, pleaded guilty to obstruction. She led bank's fake-accounts scandal. Only executive to face criminal charges. @Reuters
🧵 5. Tolstedt, once called "best banker in America," banned from industry and pays $20 million in fines. Wells Fargo also clawed back her pay. @Reuters
🧵 2. Tolstedt, ex-head of Wells Fargo's retail bank, pleaded guilty to obstruction. She led bank's fake-accounts scandal. Only executive to face criminal charges. @Reuters
🧵 3. No prison time for Tolstedt, despite prosecutors seeking one-year term. She accepts "full responsibility" for misconduct. @Reuters
🧵 4. Wells Fargo paid $3 billion in settlement in 2020 for sales practices. Scandal led to CEO's resignation, industry ban, and asset cap. @Reuters
🧵 5. Tolstedt, once called "best banker in America," banned from industry and pays $20 million in fines. Wells Fargo also clawed back her pay. @Reuters
🧵 Read more at: https://www.reuters.com/business/finance/former-wells-fargo-exec-tolstedt-avoids-prison-time-fake-accounts-scandal-wsj-2023-09-15/