Ex-Wells Fargo Executive Avoids Prison Over Accounts Scandal
- Carrie Tolstedt is ordered to serve three years of probation
- Bank has paid more than $5 billion in fines, legal settlements
Carrie Tolstedt.
Photographer: Louis Lanzano/Bloomberg
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Wells Fargo & Co.’s former head of retail banking avoided prison for misleading regulators investigating one of the biggest banking scandals in modern US history, as a judge imposed a sentence of three years of probation.
Carrie L. Tolstedt, 63, the only Wells Fargo executive to be charged in the fake-accounts scandal of 2016, had pleaded guilty to obstruction of a bank examination by the Office of the Comptroller of the Currency.