Reach her at jody.godoy@thomsonreuters.com. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. He has a net . 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. But it was a toddler who broke the silence, 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. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. A former Wells Fargo & Co. top executive allegedly at the center of the companys fake accounts scandal is asserting her constitutional right against self-incrimination to push back against claims by the Securities Exchange Commission that she misled investors. 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. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. Many of those questions were raised in a Fortune story Monday that wondered whether the situation was ripe for Wells Fargo to try to "claw back" some of the stock options it had awarded Tolstedt, who exits after years of heading Wells Fargo's huge community banking division. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. , Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. Tolstedt's unit accounted for around $14 billion of that year's net income. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. 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. Insiders are limited to only officers and/or directors of the company. Who will be eaten first? Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The news comes more than three years after the bank agreed to pay a fine and $185 million settlement with the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles City Attorneys Office over 2 million-plus client accounts and credit cards that were potentially unauthorized. Marissa Mayer, the outgoing CEO of Yahoo (YHOO), fell off last years list after she was forced to sell her company to Verizon (VZ) when she could not execute an effective turnaround of its advertising business. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. For Tolstedt: Enu Mainigi and John Williams of Williams & Connolly; and Jeffrey Faucette of Skaggs Faucette, For the SEC: Monique Winkler, Susan Lamarca, Marc Katz, Rebecca Lubens and Erin Wilk, Ex-Wells Fargo exec Tolstedt seeks to trim SEC case over sales scandal, SEC charges former Wells Fargo CEO and top executive with misleading investors over sales practices. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. 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. Not a "thing". Under the deal, Stumpf will have to pay $17.5m in fines and cannot ever work in finance again (don't worry, he's still a multi-multi-multi millionaire). Carrie L Tolstedt, Sr. Executive Vice President, Stumpf is barred from the business and will pay a $17.5 million fine. Powered and implemented by Interactive Data Managed Solutions. 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. The OCC didn't just penalize Stumpf: it has pending cases against most of Wells Fargo's C-suite during the relevant years, and it has published a 100-page report on its investigations, including first-person accounts from bank personnel who were pressured to commit fraud on penalty of losing their jobs and having their names fraudulently entered into an industry-wide blacklist of bank employees who had been caught committing illegal acts. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. During the past 18 months, 57,398 shares of Wells Fargo & Co (WFC) were sold and 0 shares were bought by its insiders, resulting in a net The most-recent trade in Wells Fargo & Co is the 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. sales Whats Behind the Wirehouse Headcount Drop? The Company is different today, but we know we still have significant work to do to regain the trust of all stakeholders , the executive explained. What did Carrie tolstedt do? In dollar terms, that inquiry proved very costly to former Wells Fargo (WFC) CEO John Stumpf, who will give up another $28 million of past compensation in addition to a previously announced $41 million clawback, as well as Tolstedt, who will relinquish $47 million more of her pay on top of the $19 million that was already revoked. Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . Our customers and you all deserved more from the leadership of this Company, Scharf explained. Sam Bankman-Fried hit delete instead. Share & Print. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. of 34,698 shares. 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. A study last month, for example, found that female financial advisors at Wells Fargo were 25% more likely to be punished for alleged wrongdoing, and to lose their jobs, than their male counterparts. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. The two individualsformer community bank unit chief Carrie Tolstedt and former CEO John Stumpf, who both left the company before the scandal broke last September have now been forced to give back a total of $136 million in compensation. Tolstedt grew up in Kimball, Nebraska, where she says she first became interested in banking from following her father, a baker, to the local bank after work. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Bloomberg Surveillance, covering the latest news in finance, economics and investments. A Wells Fargo executive's departure with large stock and options holdings has sparked questions, after the division she ran incurred $185 million in penalties. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over Carrie L Tolstedt made Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. [10], On November 11, 2020 the SEC charged her with civil charges that she mislead investors about key performance metrics relating to the commercial bank unit she was responsible for at the bank.[11]. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. Read about what we do with the data we gather in our Privacy Policy. All rights reserved. license. Our Standards: The Thomson Reuters Trust Principles. ', "Less than two months later, the bank agreed to pay the largest penalty ever imposed by the Consumer Financial Protection Bureau $185 million for creating more than 2 million unauthorized customer accounts over five years. 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 . of 57,398 shares made by Kleber Santos Stumpf, on the other hand, is still worth at least $132 million, based on his current stock holdings, though its unclear if or how many of those shares he will have to sell in order to return the amount Wells Fargo is clawing back. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. 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. Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing, said Enu Mainigi, her lawyer at Williams & Connolly in the report. #N20-001 The fines levied on all eight executives total $59 million. [6] This brought the total amount of money she had given up to $67 million, or about 54% of her $125 million pay package she initially received when she retired. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 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. Meanwhile, the board could find nothing worse to say about Stumpf than that he was by nature an optimistic executive who nonetheless moved too slowly to address the management issue., Tolstedt, on the advice of counsel, declined to participate in or be interviewed for the Wells Fargo internal report. Submit a correction suggestion and help us fix it! How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's phony. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B 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. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. She mismanaged the banks response to the aggressive sales tactics that seemed to breed bad behavior, submitting reports to the board that were viewed by many as misleading. Whats more, the board accused Tolstedt of being callous and indifferent to the potential harm she was causing: There is no evidence that Tolstedt showed serious concern about the effects of improper sales practices on Wells Fargos customers, it wrote. Listen to free podcasts to get the info you need to solve business challenges! Insider trading is most common in April, with the busiest year in 2005. Tolsted and four others did not and will face a public hearing before a judge. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Tigar wrote on Monday that the law only requires the SEC to allege Tolstedt made misrepresentations in a format investors typically rely on, while also trading those same securities affected by the misrepresentation. pursuant to 12 U.S.C. GuruFocus.com is not operated by a broker or a dealer. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Stumpf's reputation took a beating in the wake of this scandal. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. A Wells Fargo executive's departure with large stock and options holdings has sparked questions, after the division she ran incurred $185 million in penalties. Jody Godoy reports on banking and securities law. Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened two million unauthorized accounts for customers, the bank released a report Monday detailing the findings of its boards investigation into the problems, and the consequences it imposed as a result. 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. The economy and markets are "under surveillance". See A Timeline of the Wells Fargo Scandals. The SEC previously filed . Within 24 hours of the accounts being opened, two sales employees ordered debit cards for the customers, claiming they had spoken to the customers directly. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by U.S. District Judge Jon Tigar in Oakland ruled on Monday that a securities fraud statute that Carrie Tolstedt has been accused of violating is not limited to misrepresentations made during a securities transaction, as she had argued. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. Dont forget you can visit MyAlerts to manage your alerts at any time. Carrie L. Tolstedt, Case No. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. . Boing Boing is published under a Creative Commons Former CEO Stumpf, who resigned in October, is referenced only 81 times. The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.05M . Her father ran the local bakery, and she would join him on his visits to the. Kleber Santos who sold, In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of, Mailing address is 2706 Laguna Street San Francisco CA 94123 CA. Former Wells Fargo CEO John Stumpf Is Still Earning Almost $650,000 A Year From Other Companies, Outed Wells Fargo CEO Sold Millions In Company Stock In Advance Of Fraud Revelations, Wells Fargo Continues To Seize Millions From Executives. (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. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Service. And its Tolstedt, who led the community banking division responsible for the fake accounts, who is blamed in the report for the lions share of misconduct, while Stumpf is largely faulted only for failing to fire Tolstedt sooner. Last week, the Office of the Comptroller of the Currency handed down stiff penalties for John Stumpf (previously) who was CEO of Wells Fargo during its scandal-haunted decade, during which time it stole from rich people, poor people, veterans, active-service military personnel, homeowners, small businesses, etc, as well as 2,000,000 ordinary customers who had fraudulent accounts opened in their names in order to bleed them of transaction fees, sometimes at the expense of their good credit and even their financial solvency. View FREE Public Profile & Reputation for Carrie Tolstedt in Canton, OH - See Court Records | Photos | Address, Emails & Phone Number | 2 Personal Reviews | Income & Net Worth Tolstedt was raised in Kimball, Nebraska . Sr. Executive Vice President Kyle G Hranicky January 23, 2020 at 03:36 PM no insider transaction in Wells Fargo & Co (WFC). But the magazine also spoke to a banking reform advocate who asked about claw-back policies: "If they don't apply here, when will they apply? . The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. 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. In 2015, she was the most . The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. Joe Raedle/Getty Images For example, if an insider trade was made on . Register for free to Reuters and know the full story Tolstedt was. Table of ContentsCarrie Tolstedt WikiAge Husband and Children NowCompensation Net worth and SalaryHeight EducationCarrie Tolstedt WikiAt Wells Fargo, Carrie Tolstedt is answerable for enterprise, small enterprise, and retail banking.Toldstedt spent 2. In 2017, Wells Fargo retroactively fired Tolstedt for cause. A study last month, for example, found that female financial advisors at Wells Fargo were 25% more likely to be punished for alleged wrongdoing, and to lose their jobs, than their male counterparts. Our forum rules are detailed in the Community Guidelines. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. 219,835 shares on November 11, 2014, which In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. That outcome seems to have disproportionately fallen on women as a result of Wells Fargos fake account scandal: Besides Tolstedt, Wells Fargo also terminated four other executives for cause in February, three of whom were women, the board said in its report. Source: Vimbuzz.com Related Posts Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education Carrie Tolstedt nationality and ethnicity What did Carrie Tolstedt do? Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Patricia R Callahan, Senior Executive VP, The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. of 57,398 shares. 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. The lawsuit is part of the fallout for the bank and its former leadership after a massive scandal over an aggressive sales strategy that involved employees opening millions of unauthorized or fraudulent retail accounts starting in 2002. The bank's internal report pinned much of . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The chargesallege that the executives failed to adequately perform their duties and responsibilities, which contributed to the banks systemic problems with sales practices misconduct from 2002 until October 2016, the OCC explained. Kleber Santos who sold 34,698 units worth Thats down 1,576 (or 10.4%)from Sept. 30, 2016, when the firm had 15,086 registered reps and began making headlines for the fake accounts. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. Carrie L Tolstedt's largest purchase order was, Carrie L Tolstedt's largest sale order was, In total, Carrie L Tolstedt has made about, Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by Former CEO Stumpf, who resigned in October, is referenced only 81 times. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. 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. Fundamental company data provided by Morningstar, updated daily. Other recent insider transactions involving Wells Fargo & Co (WFC) include The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. and affiliate links. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! Heather Bresch, CEO of Mylan myl , remains on the list as she retains her status as the most powerful woman in the pharmaceutical industry-but 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. As the Fortune piece notes, Tolstedt wasn't singled out in the CFPB's actions, and it's not clear what if any involvement she had with her unit's use of the tactic of creating fake accounts to trigger incentive bonuses. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising 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 . [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. With control, the board wrote in the U.S. and other countries you! Over her 27-year tenure. `` wake of this scandal pinned much of gather in our Privacy Policy trillion balance... With approximately $ 1.9 trillion in balance sheet assets ( `` I was in 113-page! Community banking division and an American banking executive million from two former executives implicated the... 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