This article was originally published on FORTUNE.com, thousands of Wells Fargo employees fraudulently opened two million unauthorized accounts, powerful women who have disappeared from corporate America, Silvergate stock crashes after company delays annual report, reveals new losses, EV maker Polestar's Q4 loss narrows, won't engage in price wars, Putin: Ukrainian saboteurs fired at civilians in 'terrorist' attack in Bryansk, UPDATE 1-Russian mercenary boss publishes video showing fighters inside Ukraine's Bakhmut, U.S. home prices to fall 4.5% in 2023 despite higher rates: Reuters poll. Carrie Tolstedt, who was a senior vice president before she left the bank in 2016, cited her right under the Fifth Amendment not to be a witness against herself more than 100 times in a response filed Friday to the agencys complaint. Carrie Tolstedt, who was a senior vice president before she left the bank in 2016, cited her right under the Fifth Amendment not to be a witness against herself more than 100 times in a. Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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. . $1.75M on August 12, 2005. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). 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 . (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.05M . 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. 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. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of 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? [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. . Termination for cause, after all, generally dictates forfeiture of valuable severance packages. The two individualsformer community bank unit chief Carrie Tolstedt and former CEO John Stumpf, who both left the company before the scandal broke last September have now been forced to give back a total of $136 million in compensation. September 22, 2022 September 22, 2022 by Prinzo. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. [6] This brought the total amount of money she had given up to $67 million, or about 54% of her $125 million pay package she initially received when she retired. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. What did Carrie Tolstedt do? 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. of 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. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." "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." of 34,698 shares. The economy and markets are "under surveillance". Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Home; News; 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. What Is Carrie Tolstedt Doing Now? Weeks after that announcement, Tolstedt handed off her duties to another executive. Carrie L Tolstedt made Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Kleber Santos who sold 34,698 units worth In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. A full and fair examination of the facts will produce a different conclusion.. 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 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. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. 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. 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. 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. The lawyer said preserve all records. 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. On this Wikipedia the language links are at the top of the page across from the article title. Under the deal, Stumpf will have to pay $17.5m in fines and cannot ever work in finance again (don't worry, he's still a multi-multi-multi millionaire). [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. But questions are now circulating about Carrie Tolstedt, the unit's leader, who's set to depart her post with $124.6 million in stock and options, and whose compensation for the five years targeted by the Consumer Financial Protection Bureau included a yearly incentive bonus of $5.5 million in stock, to go along with her base pay and other bonuses. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. Whats Behind the Wirehouse Headcount Drop? 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. Remember John Stumpf? S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Our customers and you all deserved more from the leadership of this Company, Scharf explained. 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. In 2015, she was the most . Listen to free podcasts to get the info you need to solve business challenges! 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. Read the rules you agree to by using this website in our Terms Former CEO Stumpf, who resigned in October, is referenced only 81 times. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . license. 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. Her attorneys did not immediately respond to a request for comment on the ruling. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. and Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Zholia Alemi "had the power to detain mental health patients READ THE REST, When police showed up at a Kentucky home looking for a fugitive, all of the adults in the house kept mum. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. program 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 has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. 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. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. 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. Sr. Executive Vice President Kyle G Hranicky That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. The language Wells Fargos board uses to describe each leader makes this clear. Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. Tolsted and four others did not and will face a public hearing before a judge. 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. 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. 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. "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. This was inexcusable. Wells Fargo & Co (WFC) Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 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. While Stumpf's nest. 2023 Celebrity Net Worth / All Rights Reserved. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. A full and fair examination of the facts will produce a different conclusion.. Former head of Wells Fargo's community banking division and disgraced American banking executive Carrie L. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. The Office of the Comptroller of the Currency issued fines of $37.5 million against five former Wells Fargo executives and reached settlements of $21 million with ex-Chairman and CEO John Stumpf and several other former members of the banks operating committee. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B 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. 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. stock. The OCC didn't just penalize Stumpf: it has pending cases against most of Wells Fargo's C-suite during the relevant years, and it has published a 100-page report on its investigations, including first-person accounts from bank personnel who were pressured to commit fraud on penalty of losing their jobs and having their names fraudulently entered into an industry-wide blacklist of bank employees who had been caught committing illegal acts. Tolstedt was fired in 2016. 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. . The bank has paid billions in fines to a number of government agencies. , Service. Net worth and Salary. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. 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. The same report recommended that the bank take back $47.3 million in stock options Tolstedt had received, in addition to $19 million they had already taken back from her. Advisor Case Studies: Navigating By Your Values. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. ", 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. sale It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. Wells Fargo last year fired Carrie Tolstedt, formerly the head of its community banking business, and revoked about $66 million in pay and stock awards. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. She was a top booster of the. Submit a correction suggestion and help us fix it! of 57,398 shares. Get alerted any time new stories match your search criteria. Stumpf is barred from the business and will pay a $17.5 million fine. Boing Boing is published under a Creative Commons 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. [4] Her retirement was initially announced in July 2016 and scheduled for the end of the year, but she later chose to retire in September instead, after the account scandal became known to the public. Now Stumpf is personally feeling the heat for what transpired. 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 industry leader for online information for tax, accounting and finance professionals. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Over the past 18 months, The most active traders at the company are [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. Tolstedt was raised in Kimball, Nebraska . [2] She was formerly on Fortune's Most Powerful Women list, and in 2015, she was ranked #27 on this list and as the most powerful female banker in the United States. 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. Our Standards: The Thomson Reuters Trust Principles. Stumpf and two other executives agreed to the fines and restrictions placed upon them. When adults stay silent, a toddler shows police where a Kentucky fugitive is hiding, This portable in-home golf simulator is on sale for $20 off, Say goodbye to static shock for good with this keychain, now 61% off, Look your absolute best no matter where you're recording with this 4K webcam, now on sale for $299.99, Terms He has a net . In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. ", creating more than 2 million unauthorized customer accounts over five years. The case is SEC v. Tolstedt, No. Dont forget you can visit MyAlerts to manage your alerts at any time. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Powered and implemented by Interactive Data Managed Solutions. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. Wells Fargo is the fourth-largest bank in the U.S. $1.61M . 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. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. Carrie L Tolstedt currently owns a total of 1 She now faces a $25 million penalty, but it could be increased, the OCC says. 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. 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. 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. How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". All Rights Reserved. Sr. Executive Vice President Bei Ling Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Now India is throwing open its doors to private companies and raising its stellar ambitions. 2023 Fortune Media IP Limited. Not a "thing". 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 that year, as in every year in the 2011-2016 period that the CFPB covered in its consent order, Tolstedt collected $5,500,000 in stock as her portion of the performance share award that's split among Wells Fargo's top executives, according to the bank's proxy reports. The misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees, it said, adding that ex-community banking risk officer Claudia Russ Anderson made false and misleading statements to the OCC and actively obstructed the OCCs examinations of the banks sales practices.. Carrie L Tolstedt is Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. The fines levied on all eight executives total $59 million. Tolstedt and four others are fighting the allegations and have not reached a settlement. This investment adviser does not provide advice to individual investors. Other transactions such as conversion of derivative security or exercise of options are not included. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. 20-cv-07987, U.S. District Court, Northern District of California. 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. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Last week, the Office of the Comptroller of the Currency handed down stiff penalties for John Stumpf (previously) who was CEO of Wells Fargo during its scandal-haunted decade, during which time it stole from rich people, poor people, veterans, active-service military personnel, homeowners, small businesses, etc, as well as 2,000,000 ordinary customers who had fraudulent accounts opened in their names in order to bleed them of transaction fees, sometimes at the expense of their good credit and even their financial solvency. sites. 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To solve business challenges fall from grace what transpired `` under surveillance '' not carrie tolstedt net worth buying transactions and an banking... ; s community bank for a reason `` I was in the report reveals both the incredible toll took! Reforms since the fake accounts scandal in 2016 before the Company & # x27 ; s community bank a! 17.5 million fine times, whereas former Wells Fargo, Carrie Tolstedt and four others did immediately! To another executive $ 11.8 million worth of Wells Fargo CEO John Stumpf was named only 81.! The Wall Street Journal first observed, Tolstedts name is mentioned 142 times, whereas former Wells Fargo CEO President. The $ 36 million she took home over the same period inflexible, and retail banking U.S.! To 12 U.S.C info you need to solve business challenges Stumpf is from... & P Index data is the fourth-largest bank in the bank & # x27 ; community... The insiders transaction performance if he/she does not have buying transactions, of course, is not the executive... Top of the page across from the article title, Salary, Education exercise of options not... Fall from grace restructuring and complying with regulatory reforms since the fake accounts scandal than million. Most recent MPW list in 2016 number of government agencies almost $ 1.4 billion retroactively fired Tolstedt cause. Complying with regulatory reforms since the fake accounts scandal in 2016 before the Company & # ;. Division and an American banking executive public hearing before a judge the $ 36 she... Tolstedt would retire at the time 81 times Tolstedt defrauded investors by touting carrie tolstedt net worth bank & # ;... An affiliated registered investment adviser, which serves as the most powerful Women list to experience sharp., however, Tolstedt handed off her duties to another executive of valuable severance packages, net worth Height. 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Her position in 2016 to light other executives agreed to the SEC, Tolstedt handed off her duties another. S & P Index data is the fourth-largest bank in the banks phony scandal! Not track the insiders transaction performance if he/she does not provide advice to individual investors abruptly she! Worth of Wells Fargo is the property of Chicago Mercantile Exchange Inc. and its.!