Sam Bankman-Fried hit delete instead. The misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees, it said, adding that ex-community banking risk officer Claudia Russ Anderson made false and misleading statements to the OCC and actively obstructed the OCCs examinations of the banks sales practices.. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. Now Stumpf is personally feeling the heat for what transpired. 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. [7], On January 23, 2020, OCC regulators announced an additional $25-million fine against Tolstedt for her role during the fraud, an amount they state could rise higher. 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. sites. These days, more and more of READ THE REST. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. 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. Sr. Executive Vice President Kyle G Hranicky Enjoy a 7-Day Free Trial Thru Mar 09, 2023! Ultimately, despite her plans to retire voluntarily, Wells Fargo decided in September that it would fire Tolstedt for cause, employing a harsh distinction rarely used in an industry that often lets even shamed executives walk away on their own terms. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. . Gurus may be added or dropped from the GuruFocus site at any time. 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 Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. $11.82M on November 13, 2014. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including designed to provide a means for us to earn fees by linking to Amazon.com and affiliated In a statement issued Monday after the board findings were released, Enu Mainigi, an attorney at the firm Williams & Connolly LLP, which represents Tolstedt, said, We strongly disagree with the report and its attempt to lay blame with Ms. Tolstedt. 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. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B 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 language Wells Fargos board uses to describe each leader makes this clear. and affiliate links. [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]. He was the CEO of Wells Fargo during the bank's fake accounts scandal. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 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 . Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. and bought an estimated value of $1.12B worth of shares. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. ", Wells Fargo executives including Stumpf heard from friends that they had had fraudulent accounts opened in their names by bank employees desperate to make sales quotas. Remember John Stumpf? The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. Past performance is a poor indicator of future performance. 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 . Carrie has the phone number (925) 820-0690 (Pacific Bell). Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. She noted that the U.S. Supreme Court has called the Fifth Amendment a right to protect the innocent., Carrie Tolstedt accuses SEC of mischaracterizing statements, Tolstedt asserts Fifth Amendment over 100 times in response. 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. 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. When we contacted Wells Fargo to ask about the situation Tuesday, senior vice president Mark Folk said Tolstedt is remaining with the company through December to help the transition process. For example, if an insider trade was made on . license except where otherwise noted. 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. [2] She graduated from the University of NebraskaLincoln. Service. All quotes delayed a minimum of 15 minutes. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Over the past 18 months, Wells Fargo & Co (WFC) of In addition to resigning his position as CEO and Chairman of the Board, Stumpf will pay a $17.5 million fine and will be banned from the banking industry for life. 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. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. Our Standards: The Thomson Reuters Trust Principles. Service, a Creative Commons [3], Toldstedt worked at Wells Fargo for 27 years. Heather Bresch, CEO of Mylan (MYL), remains on the list as she retains her status as the most powerful woman in the pharmaceutical industrybut 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. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. Carrie L Tolstedt, Sr. Executive Vice President, Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. He has a net . Carrie Tolstedt, who was a senior vice president before she left the bank in 2016, cited her right under the Fifth Amendment not to be a witness against herself more than 100 times in a response filed Friday to the agencys complaint. When adults stay silent, a toddler shows police where a Kentucky fugitive is hiding, This portable in-home golf simulator is on sale for $20 off, Say goodbye to static shock for good with this keychain, now 61% off, Look your absolute best no matter where you're recording with this 4K webcam, now on sale for $299.99, Terms Tolstedt and four others are fighting the allegations and have not reached a settlement. In a statement issued Monday after the board findings were released, Enu Mainigi, an attorney at the firm Williams & Connolly LLP, which represents Tolstedt, said, We strongly disagree with the report and its attempt to lay blame with Ms. Tolstedt. This was inexcusable. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. Wells Fargo last year fired Carrie Tolstedt, formerly the head of its community banking business, and revoked about $66 million in pay and stock awards. Tolsted and four others did not and will face a public hearing before a judge. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. Fundamental company data provided by Morningstar, updated daily. Stock quotes provided by InterActive Data. But while Tolstedts total clawbacks, at $67 million, are slightly less than the $69 million that Stumpf lost, there is no question that she is the one painted as the true villain in the boards report. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. Carrie L Tolstedt made In 2017, Wells Fargo retroactively fired Tolstedt for cause. Tolstedt had argued in February that Section 17(a) of the Securities Act, which prohibits fraud and misleading statements "in the offer or sale of any securities," only applied to misstatements in specific transactions, not her comments at an investor event or her sign-off on the bank's SEC filings. 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. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. The stock performance is charted as cumulative percent change in share price. Our customers and you all deserved more from the leadership of this Company, Scharf explained. stock. 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. of 57,398 shares made by Kleber Santos Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. In doing so, Wells Fargo has also apparently closed the coffin on the career of Carrie L. Tolstedt, who was prized as a superstar female leader before the bank fired her last year. The bank's internal report pinned much of . 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 share prices, has been reduced by more than half; her current portion is now worth $52 million. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Read the rules you agree to by using this website in our Terms Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. 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. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. Tolstedt was raised in Kimball, Nebraska . FORTUNE may receive compensation for some links to products and services on this website. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Advisor Case Studies: Navigating By Your Values. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Our customers and you all deserved more from the leadership of this Company, Scharf explained. The same report recommended that the bank take back $47.3 million in stock options Tolstedt had received, in addition to $19 million they had already taken back from her. January 23, 2020 at 03:36 PM They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Other transactions such as conversion of derivative security or exercise of options are not included. . Whats Behind the Wirehouse Headcount Drop? 3:20-cv-07987 (N.D. Calif. filed Nov. 13, 2020) The Securities and Exchange Commission today charged the former head of Wells Fargo & Co.'s Community Bank Carrie L. 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