Stock Market News
Former Wells Fargo executive agrees to settle SEC fraud charges
2023.05.30 17:53
© Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly
WASHINGTON (Reuters) – The former head of Wells Fargo (NYSE:) & Co’s retail bank agreed to pay a $3 million penalty to settle the U.S. Securities and Exchange Commission’s fraud charges for misleading investors about sales practices to inflate a performance metric, the SEC said on Tuesday.
Carrie Tolstedt was charged in 2020 for her role in allegedly misleading investors about the success of Wells Fargo’s core business.
