Ex-Wells Fargo Exec Deserves Prison in Accounts Scandal, US Says
- Recommendation follows Carrie Tolstedt’s plea deal this year
- She tried to hide one of the biggest banking scandals, US says
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Wells Fargo & Co.’s former head of retail banking should spend a year in prison for impeding a probe of the bank’s practice of opening millions of accounts for customers without their authorization, prosecutors said.
Carrie L. Tolstedt, the only executive at the bank to be accused of criminal wrongdoing stemming from its fake-accounts scandal of 2016, agreed this year to plead guilty to obstructing the investigation. Now the judge handling the case must decide how severely she should be punished. The US Attorney’s Office in Los Angeles weighed in late Friday.