The former head of Wells Fargo's retail bank is facing prison time after agreeing to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016.
A lawyer for Tolstedt, who ran the bank's retail and small business lending from 2007 to 2016, declined to comment. Reuters previously reported prosecutors were targeting Tolstedt.
Wells Fargo paid $3 billion in February 2020 to settle federal civil and criminal probes, admitting at the time that it pressured employees between 2002 and 2016 to meet unrealistic sales goals, which led them to open fake accounts for customers.No criminal charges against individuals were announced at the time, though in 2020 the OCC filed civil charges against and fined Tolstedt and several other former senior bank executives and barred its former CEO, John Stumpf, from the banking industry.
"The justice system and regulators rely on corporations and their executives to fully cooperate during investigations into potential wrongdoing. But, in this case, Ms. Tolstedt took steps to cover up misconduct at Wells Fargo," Joseph McNally, acting U.S. attorney for the central district of California, said in a statement.
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