Sign up for our FREE newsletter
Receive FREE Newsletter
Advanced Search
+

RTR: SEC charges former Wells Fargo CEO & top executive with misleading investors over sales practices

Shoes, trainers - illegal, legal
© 3Dgenerator
By

REUTERS reports:

The Securities and Exchange Commission charged former Wells Fargo CEO John Stumpf and retail banking head Carrie Tolstedt with misleading investors, the watchdog announced Friday.

The agency claimed that the former executives misled investors about the widespread sales practice problems at the bank. Stumpf agreed to pay a $2.5 million penalty to settle the charges, while the SEC will litigate fraud charges against Tolstedt in court.

A lawyer for Stumpf did not immediately respond to a request for comment. An attorney for Tolstedt said she was an “honest and conscientious executive,” and the SEC charges are “unfair and unfounded.”

The new charges mark the latest in a long-running set of legal and regulatory woes for the bank and its former leadership, after the firm was embroiled in a massive scandal over the creation of fake accounts by employees. In February, the bank agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department.

To read the full post, please click here.

Comment on this article

You must be logged in to post a comment.

    Related Stories

    Topics

    Reuters Germany Lufthansa Cargo Strike ver.di

    Most Read

    MSC Aries now bound for Iran, and crisis will be 'a catalyst for higher rates'

    Urgent call for breakdown of cargo onboard as General Average declared on Dali

    Iranian troops seize MSC box ship while Somali pirates net $5m ransom for bulker

    Flexport is 'back on track' – now it needs to start growing again

    Resurgence of Somali pirates creates another 'danger zone' for shipping

    'Slow season' and ocean network stabilisation easing pressure on rates

    Bottlenecks and price hikes as airlines now avoid Iran airspace

    Kuehne + Nagel reshuffles the suits – leaks, views, sights

    Vehicle imports clogging up terminals at European auto ports

    Iran may now pose a threat to multimodal supply chains via Dubai

    Hong Kong drops out of world's top 10 busiest container ports

    US splashes out to grab a slice of the semiconductor manufacturing pie

    Other east coast ports can cope with Baltimore cargo – 'in the short term'

    Ammonia, not methanol, will be the 'green fuel of the future'

    Soaring air freight rates may level out as summer capacity takes off

    Looks like rain: Panama Canal Authority eyes return to normal service