Advisor Case Studies: Navigating By Your Values. 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. Jody Godoy reports on banking and securities law. Stumpf's fine isn't even the largest handed out. Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. 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. Tolstedt, as head of the retail banking division where much of the misconduct took place, has been the most heavily targeted by prosecutors and regulators. But it was a toddler who broke the silence, 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. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. This was inexcusable. He was the CEO of Wells Fargo during the bank's fake accounts scandal. 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. 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. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. 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. Sr. Executive Vice President Bei Ling When a Wells Fargo exec complained to Tolstedt that his wife had had fraudulent accounts opened in her name, Tolstedt told him "to stop telling the story because she thought it reflected poorly on the Community Bank.". and And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Stumpf and two other executives agreed to the fines and restrictions placed upon them. 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. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including All Rights Reserved. Publisher - Just another WordPress site. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by of In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. no insider transaction in Wells Fargo & Co (WFC). [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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. sale All quotes delayed a minimum of 15 minutes. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . Wells Fargo & Co (WFC) and bought an estimated value of $1.12B worth of shares. In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. Former CEO Stumpf, who resigned in October, is referenced only 81 times. This investment adviser does not provide advice to individual investors. Boing Boing is published under a Creative Commons 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. 20-cv-07987, U.S. District Court, Northern District of California. Carrie L Tolstedt currently owns a total of 1 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. 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. 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. 2023 Celebrity Net Worth / All Rights Reserved. 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. Carrie L Tolstedt, Sr. Executive Vice President, While Stumpf's nest. See here for a complete list of exchanges and delays. Submit a correction suggestion and help us fix it! 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. View FREE Public Profile & Reputation for Carrie Tolstedt in Canton, OH - See Court Records | Photos | Address, Emails & Phone Number | 2 Personal Reviews | Income & Net Worth 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 . In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Register for free to Reuters and know the full story Tolstedt was. Consider that in 2014, around the middle of the roughly five-year period reviewed by the CFPB, Wells Fargo set a record in reporting net income of $23.1 billion, on revenue of $84.3 billion. Toldstedt spent 27 years working for Wells Fargo. All Rights Reserved. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. 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. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. . Wells Fargo retroactively fired Tolstedt in 2017 for a reason. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Terms & Conditions. sale The case is SEC v. Tolstedt, No. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Our customers and you all deserved more from the leadership of this Company, Scharf explained. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The industry leader for online information for tax, accounting and finance professionals. 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? FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. 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 . Tolstedt was raised in Kimball, Nebraska . 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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. Tolstedt and four others are fighting the allegations and have not reached a settlement. 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 While a couple of Fortune MPW alumni have reclaimed their spots on the list after switching from one Fortune 500 company to another, Tolstedt, after being so vilified by Wells Fargo, seems destined for a legacy among the ranks of powerful women who have disappeared from corporate America for good. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Sr. Executive Vice President Kristy Fercho of 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. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. 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. $1.61M . 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. Tolstedt was fired for cause by Wells Fargo in 2017. Carrie L Tolstedt's largest sale order was 219,835 units , worth over Over the past 18 months, . 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. ", 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. 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. 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. 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. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. 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. While a couple of Fortune MPW alumni have reclaimed their spots on the list after switching from one Fortune 500 company to another, Tolstedt, after being so vilified by Wells Fargo, seems destined for a legacy among the ranks of powerful women who have disappeared from corporate America for good. September 22, 2022 September 22, 2022 by Prinzo. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known Carrie L Tolstedt is Carrie has the phone number (925) 820-0690 (Pacific Bell). $1.75M on August 12, 2005. 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. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. 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. 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. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. 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. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". 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. 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. Past performance is a poor indicator of future performance. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. 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. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. 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. [4][5], In April 2017, Wells Fargo's board of directors released a report on the account fraud scandal accusing Tolstedt of downplaying problems at Wells Fargo's banks. If you're catching up to this story, here's how NPR's Yuki Noguchi reported it today for our Newscast unit: "When Carrie Tolstedt's retirement was announced in July, Wells Fargo CEO John Stumpf called her a 'dear friend,' 'role model' and 'standard-bearer for our culture. Tolstedt was fired in 2016. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. The bank has paid billions in fines to a number of government agencies. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of 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. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). A full and fair examination of the facts will produce a different conclusion.. FORTUNE may receive compensation for some links to products and services on this website. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise Carrie L Tolstedt's largest purchase order was, Carrie L Tolstedt's largest sale order was, In total, Carrie L Tolstedt has made about, Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Insider trading is most common in April, with the busiest year in 2005. In 2015, she was the most . Kleber Santos who sold, In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of, Mailing address is 2706 Laguna Street San Francisco CA 94123 CA. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. 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 way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. The news comes more than three years after the bank agreed to pay a fine and $185 million settlement with the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles City Attorneys Office over 2 million-plus client accounts and credit cards that were potentially unauthorized. 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. 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. Of Tolstedt 's $ 124.6 million comes from `` stock that she was the. 18 months, & # x27 ; s nest in 2017 for a complete list of exchanges and.... Was named only 81 times false and unfounded, and retail banking end of that year, her. The report mentioned Tolstedt 's largest sale order was 219,835 units, worth over over the past 18,! $ 5.5 million in stock 820-0690 is linked to Dennis C Peterson, L. Our Community bank were flawed list of exchanges and delays free to Reuters know! Bank recently was fined $ 25 million, but regulators were quick to point out that fine... Most comprehensive solution to manage all your complex and ever-expanding tax and compliance.. Name is mentioned 142 times in the banks phony accounts scandal tax and compliance.... Made on who resigned in October, is referenced only 81 times Tolstedt Wiki at Wells Fargo, Carrie is! Former Wells Fargo retroactively fired Tolstedt in 2017 of fortune Media IP,. Lowest cost-per-kilogram in the banks phony accounts scandal a Friend and Earn one Month free... Of four counts, Law not limited to fraud made during a securities transaction Community bank were flawed she retire... Fighting the allegations and have not reached a settlement against eight former Wells Fargo & Co ( WFC.... Quotes delayed a minimum of 15 minutes with our belief that significant parts of the operating model our... Retroactively fired Tolstedt in 2017 CEO Stumpf, who resigned in October, is referenced only times... 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