Wells Fargo & Co's U.S. regulator on Thursday announced it had banned forme...
WASHINGTON - Wells Fargo & Co’s U.S. regulator on Thursday announced it had banned former Chief Executive John Stumpf from the banking industry and charged him and seven other former executives combined more than $58 million in civil penalties for their roles in the bank’s multi-year sales practices scandal.
The OCC’s probe is one of several into the San Francisco-based lender, with investigations by the Department of Justice and the Securities and Exchange Commission ongoing. One person with knowledge of the OCC probe said it was far-reaching and that more individuals could be charged. In addition to Stumpf, former human resources head Hope Hardison and Michael Loughlin, former chief risk officer, settled the OCC’s charges for $2.25 million and $1.25 million, respectively, the OCC said.
“Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing. A full and fair examination of the facts will vindicate Carrie,” a lawyer for Tolstedt said in a statement. While Wells Fargo has inked multiple federal and private settlements for its sales practices, the OCC action marks the first federal action against individuals for their roles in the scandal, instead of just the institution.
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