SEC charges former Wells Fargo CEO and top executive with misleading investors over sales practices

In this news, we discuss the SEC charges former Wells Fargo CEO and top executive with misleading investors over sales practices.

WASHINGTON (Reuters) – The Securities and Exchange Commission has accused former Wells CEO Fargo John Stumpf and community bank chief Carrie Tolstedt of deceptive investors, the watchdog said on Friday.

The agency said the former executives misled investors about widespread problems with the bank’s sales practices. Stumpf has agreed to pay a fine of $ 2.5 million to settle the charges, while the SEC will prosecute the fraud charges against Tolstedt.

Report by Pete Schroeder, edited by Franklin Paul

Original © Thomson Reuters

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