Wells Fargo & Co's regulator on Thursday announced it had brought civil charges against eight former executives, including former Chief Executive Officer John Stumpf, marking the first federal action against individuals for their role in the bank's sales practices scandal.
Five other former executives refused to settle, including Wells Fargo's former retail bank head Carrie Tolstedt who is facing a potential US$25 million civil monetary penalty under the OCC charges. She and the other executives will fight the charges before a judge under the OCC's administrative process.
In bringing its charges, the OCC said these individuals failed to adequately perform their responsibilities, which contributed to the bank’s systemic sales practices problems.
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