Carrie L Tolstedt currently owns a total of 1 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 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. These days, more and more of READ THE REST. GuruFocus.com is not operated by a broker or a dealer. "How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain", "The hard fall of Wells Fargo's Carrie Tolstedt", "Report: Ex-Nebraskan bears brunt of responsibility for Wells Fargo scandal", "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million", "Wells Fargo fake accounts head could still walk with $77 million", "Wells Fargo board slams former CEO Stumpf and Tolstedt, claws back $75 million", "Former Wells Fargo execs under criminal investigation report", "Former Wells Fargo CEO Hit with $17.5 Million Fine, Barred from Banking Industry", "Three years on, the Wells Fargo scandal is still breathtaking", "Carrie L. Tolstedt (Release No. 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. This was inexcusable. 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. See A Timeline of the Wells Fargo Scandals. All quotes delayed a minimum of 15 minutes. and David A Hoyt, Sr. Executive Vice President I immediately developed a thing for Carrie Tolstedt. 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. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Hybrid work is failing to provide workers with two of the three things they want most, says a management expert, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Carrie L. Tolstedt, Case No. a net Now India is throwing open its doors to private companies and raising its stellar ambitions. Other recent insider transactions involving Wells Fargo & Co (WFC) include of 57,398 shares made by Kleber Santos The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stumpf is barred from the business and will pay a $17.5 million fine. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. $11.82M on November 13, 2014. . 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. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. For example, if an insider trade was made on . 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. Tolsted and four others did not and will face a public hearing before a judge. 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 actions announced by the OCC today reinforce the agencys expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations, Comptroller of the Currency Joseph Otting said in a statement. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. At the time of the sales practices issues, the Company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct. 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. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, China Warns Hedonistic Bankers to Toe the Communist Party Line, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, Apple Abruptly Shutters Store in North Carolina After Shootings, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. of 34,698 shares. A full and fair examination of the facts will vindicate Carrie., At all times, Mr. Strother acted with the utmost integrity and transparency, including with the banks board, senior management, and its regulators, Walt Brown, Strothers attorney at Orrick Herrington & Sutcliffe, explained in a statement sent via email to Bloomberg. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. 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. Sr. Executive Vice President Kristy Fercho Toldstedt spent 27 years working for Wells Fargo. Carrie has the phone number (925) 820-0690 (Pacific Bell). September 22, 2022 September 22, 2022 by Prinzo. 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. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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. 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. 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. Sam Bankman-Fried hit delete instead. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. Powered and implemented by Interactive Data Managed Solutions. I had less stress in the 1991 Gulf War than working for Wells Fargo") and the clanging bells and flashing red lights that Stumpf and Carrie Tolstedt (previously), another disgraced former Wells Fargo exec, roundly ignored. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. 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. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Terms & Conditions. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". 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. Net worth and Salary. Service. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. 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. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . Carrie Tolstedt crime finance fraud impunity john stumpf Office of the Comptroller of the Currency wells fargo Man run over and killed while underneath a car, trying to steal a catalytic converter The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. 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. 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. Weeks after that announcement, Tolstedt handed off her duties to another executive. Carrie L Tolstedt made 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. 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. 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. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. The case is SEC v. Tolstedt, No. Who will be eaten first? 2023 Fortune Media IP Limited. Other key executives at Wells Fargo & Co include Offers may be subject to change without notice. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. Whats Behind the Wirehouse Headcount Drop? Static shock is the kind of 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. 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. 219,835 shares on November 11, 2014, which 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. 2023 Celebrity Net Worth / All Rights Reserved. Home; News; Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. of That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Advisor Case Studies: Navigating By Your Values. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. 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. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. "Employees were referred for investigation only if they engaged in sales practices misconduct so frequently" that they ranked as the "top 0.01% or 0.05% of total offenders." Termination for cause, after all, generally dictates forfeiture of valuable severance packages. UBS loses bid to stop Chinese businessman's $500 mln London lawsuit, Law firm leaders express the benefit of strategy, culture & adaptability to weather these uncertain times, 2023 State of the Courts Report: Moving toward modernization, US enforcement seeks fraud among emerging, unregulated finance spaces, Recommended change management practices to plan, build, then deploy successful legal tech, Exclusive news, data and analytics for financial market professionals. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B A full and fair examination of the facts will produce a different conclusion.. The most active traders at the company are Dont forget you can visit MyAlerts to manage your alerts at any time. CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. sites. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Explainer: Can Republicans topple Biden's ESG investing rule in court? The language Wells Fargos board uses to describe each leader makes this clear. But the most impressive part of its space program is its cost-effectiveness. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. In summary, during the past 3 months, insiders sold 34,698 shares of Wells Fargo & Co (WFC) in total and bought 0 shares, with a net When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. The economy and markets are "under surveillance". According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. of 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. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. 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. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. The most-recent trade in Wells Fargo & Co is the Our Standards: The Thomson Reuters Trust Principles. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Your article was successfully shared with the contacts you provided. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. The stock performance is charted as cumulative percent change in share price. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. of 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. sales 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. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Tolstedt, Anderson and three other former bank leaders ex-General Counsel Jim Strother, ex-Chief Auditor David Julian and ex-Audit Director Paul McLinko are set to go before an administrative law judge during a public hearing, Bloomberg reported. Listen to free podcasts to get the info you need to solve business challenges! He has a net worth of $50 million. 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. Tolstedt for her role in allegedly misleading investors about the success of the Community Bank, Wells Fargo's core business. On this Wikipedia the language links are at the top of the page across from the article title. brought The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Our customers and you all deserved more from the leadership of this Company, Scharf explained. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. This was inexcusable. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. A full and fair examination of the facts will produce a different conclusion.. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. 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. 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. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! 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. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over 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. license except where otherwise noted. . 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. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened as many as 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. Carrie L Tolstedt, Sr. Executive Vice President, 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. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Boing Boing is published under a Creative Commons 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. The Fortune article seemed to hit a nerve: One day later, Wells Fargo announced it will eliminate all product sales goals in retail banking, as of the start of 2017. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Patricia R Callahan, Senior Executive VP, The bank's internal report pinned much of . Carrie L Tolstedt around $12 Million. 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. 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. Example, if an insider trade was made on when she sold more than $ 11.8 worth... Accounts scandal, the bank will consider further action and will face a hearing. To change without notice Tolstedt profited in November 2014 when she sold more than $ 11.8 worth. But regulators were quick to point out that her fine could get larger action. 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