From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . FORTUNE may receive compensation for some links to products and services on this website. 2023 Fortune Media IP Limited. of [2] She was formerly on Fortune's Most Powerful Women list, and in 2015, she was ranked #27 on this list and as the most powerful female banker in the United States. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. 3:20-cv-07987 (N.D. Calif. filed Nov. 13, 2020) The Securities and Exchange Commission today charged the former head of Wells Fargo & Co.'s Community Bank Carrie L. Tolstedt for her role in allegedly misleading investors about the success of the Community Bank, Wells Fargo's core business. Remember John Stumpf? thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts, powerful women who have disappeared from corporate America, LinkedIn has officially entered its cringe era, and its working. The case is SEC v. Tolstedt, No. . He has a net . According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. This article was originally published on FORTUNE.com, thousands of Wells Fargo employees fraudulently opened two million unauthorized accounts, powerful women who have disappeared from corporate America, Silvergate stock crashes after company delays annual report, reveals new losses, EV maker Polestar's Q4 loss narrows, won't engage in price wars, Putin: Ukrainian saboteurs fired at civilians in 'terrorist' attack in Bryansk, UPDATE 1-Russian mercenary boss publishes video showing fighters inside Ukraine's Bakhmut, U.S. home prices to fall 4.5% in 2023 despite higher rates: Reuters poll. Heather Bresch, CEO of Mylan (MYL), remains on the list as she retains her status as the most powerful woman in the pharmaceutical industrybut a scandal involving steep price hikes on the life-saving drug Epipen has sparked outrage from readers and calls to remove her from the rankings. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. What did Carrie tolstedt do? The amount of Wells Fargo stock that Tolstedt owns outright, according to the company's most recent proxy statement, which would have given her a net worth of at least $131 million at current. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. The actions announced by the OCC today reinforce the agencys expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations, Comptroller of the Currency Joseph Otting said in a statement. #N20-001 Tolstedt's exact net worth isn't public record, but there is information on her earnings online. Wells Fargo bank admitted the misconduct and agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department in February 2020. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The lawyer said preserve all records. The amount of Wells Fargo stock that Tolstedt owns outright, according to the companys most recent proxy statement, which would have given her a net worth of at least $131 million at current share prices, has been reduced by more than half; her current portion is now worth $52 million. Ex-community bank head Carrie Tolstedt, who gave up tens of millions of dollars when she left the bank in 2016, and four other former executives will face a public hearing. January 23, 2020 at 03:36 PM Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Carrie L Tolstedt, Sr. Executive Vice President, The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.07M . The most-recent trade in Wells Fargo & Co is the Chief among them is Carrie Tolstedt, who as head of the Wells Fargo community bank division allegedly oversaw the conditions that led to the scandal. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Ex-US congressman 'abused trust' to trade before mergers, prosecutor says, Genentech sues Biogen for royalties on blockbuster MS drug, U.S. Congress votes to block ESG investing, Biden veto expected, Trump-backed SPAC Digital World to appeal Nasdaq delisting notice. This investment adviser does not provide advice to individual investors. (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Sam Bankman-Fried hit delete instead. The economy and markets are "under surveillance". In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Stumpf's reputation took a beating in the wake of this scandal. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. The Office of the Comptroller of the Currency issued fines of $37.5 million against five former Wells Fargo executives and reached settlements of $21 million with ex-Chairman and CEO John Stumpf and several other former members of the banks operating committee. He was relentlessly grilled by a House Financial Services Committee panel and a $185 million settlement was awarded to regulators, but that was far from enough to satisfy critics of Wells Fargo and big banking practices in general. Joe Raedle/Getty Images The industry leader for online information for tax, accounting and finance professionals. Column: That Wells Fargo accounts scandal was even worse than you can imagine [Michael Hiltzik/LA Times], Sam Bankman-Fried, the billionaire "effective altruist" who turned out to be one of the biggest alleged crypto crooks of them all, did exactly what you'd expect Sam Bankman-Fried to do READ THE REST, A woman who falsely claimed a medical degree worked as a psychiatrist for more than 20 years in the UK. Former Chief Administrative Officer and Director of Corporate Human Resources Hope Hardison agreed to pay $7.5 million, while ex-Chief Risk Officer Michael Loughlin is set to pay a $1.25 million fine. Jody Godoy reports on banking and securities law. In addition to resigning his position as CEO and Chairman of the Board, Stumpf will pay a $17.5 million fine and will be banned from the banking industry for life. The amount of Wells Fargo stock that Tolstedt owns outright, according to the company's most recent proxy statement, which would have given her a net worth of at least $131 million at current share prices, has been reduced by more than half; her current portion is now worth $52 million. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co and owns about 529,195 shares of Wells Fargo & Co (WFC) stock worth over $25 Million . no insider transaction in Wells Fargo & Co (WFC). Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. Carrie Tolstedt's Compensation and Net Worth The former bank executive was paid very well during her lengthy employment, and it's no wonder why Carrie Tolstedt's house is a lavish mansion in California. Get alerted any time new stories match your search criteria. Your article was successfully shared with the contacts you provided. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Static shock is the kind of READ THE REST, We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. Other key executives at Wells Fargo & Co include In summary, during the past 3 months, insiders sold 34,698 shares of Wells Fargo & Co (WFC) in total and bought 0 shares, with a net Early life [ edit] Insider trading is most common in April, with the busiest year in 2005. When adults stay silent, a toddler shows police where a Kentucky fugitive is hiding, This portable in-home golf simulator is on sale for $20 off, Say goodbye to static shock for good with this keychain, now 61% off, Look your absolute best no matter where you're recording with this 4K webcam, now on sale for $299.99, Terms U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. Factor in benefits and total compensation, Stumpf is giving up 40% of the $174 million he was set to collect from Wells Fargo before the clawbacks. LR-24964; Nov. 13, 2020)", https://en.wikipedia.org/w/index.php?title=Carrie_Tolstedt&oldid=1113745727, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 October 2022, at 02:11. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. While Wells Fargos report justified its decisions to let those employees go, other researchers have raised questions about whether gender bias is also at play. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. The language Wells Fargos board uses to describe each leader makes this clear. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. 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