Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. Thats down 1,576 (or 10.4%)from Sept. 30, 2016, when the firm had 15,086 registered reps and began making headlines for the fake accounts. The language Wells Fargos board uses to describe each leader makes this clear. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. Life is chaotic, and finding time 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. 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 ", 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. Sr. Executive Vice President Kyle G Hranicky 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 Stumpf's fine isn't even the largest handed out. #N20-001 Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. I had less stress in the 1991 Gulf War than working for Wells Fargo") and the clanging bells and flashing red lights that Stumpf and Carrie Tolstedt (previously), another disgraced former Wells Fargo exec, roundly ignored. $1.75M on August 12, 2005. sale Stumpf and two other executives agreed to the fines and restrictions placed upon them. The case is SEC v. Tolstedt, No. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 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. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. 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's reputation took a beating in the wake of this scandal. 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. He has a net worth of $50 million. The industry leader for online information for tax, accounting and finance professionals. The language Wells Fargos board uses to describe each leader makes this clear. Carrie L Tolstedt is 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 . That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. He was the CEO of Wells Fargo during the bank's fake accounts scandal. It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. 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. 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. This investment adviser does not provide advice to individual investors. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! 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. 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. 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.. Now Stumpf is personally feeling the heat for what transpired. Wells Fargo bank admitted the misconduct and agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department in February 2020. 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. 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. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. "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." 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. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. She was a top booster of the. Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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. 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. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. The most-recent trade in Wells Fargo & Co is the All quotes delayed a minimum of 15 minutes. . 2004-2023 GuruFocus.com, LLC. 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. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. Patricia R Callahan, Senior Executive VP, Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News GuruFocus.com is not operated by a broker or a dealer. 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). Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . Former CEO Stumpf, who resigned in October, is referenced only 81 times. Remember John Stumpf? January 23, 2020 at 03:36 PM What did Carrie tolstedt do? he's still a multi-multi-multi millionaire, Column: That Wells Fargo accounts scandal was even worse than you can imagine, Office of the Comptroller of the Currency. Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. Get alerted any time new stories match your search criteria. Sr. Executive Vice President Kristy Fercho Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. [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. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. These warning signs were pretty incredible: after one presentation by Tolstedt downplaying the seriousness of the rot in the bank, a board member cursed her out, calling her reassurances "a piece of shit. Service, a Creative Commons 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. Carrie L Tolstedt is And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. The lawyer said preserve all records. 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 Wells Fargo & Co (WFC) Weeks after that announcement, Tolstedt handed off her duties to another executive. 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. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. 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. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." 219,835 shares on November 11, 2014, which Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Advisor Case Studies: Navigating By Your Values. 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. Past performance is a poor indicator of future performance. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. 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. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. She now faces a $25 million penalty, but it could be increased, the OCC says. This was inexcusable. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. 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, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. 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. Listen to free podcasts to get the info you need to solve business challenges! Over the past 18 months, of 57,398 shares made by Kleber Santos In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. sale She noted that the U.S. Supreme Court has called the Fifth Amendment a right to protect the innocent., Carrie Tolstedt accuses SEC of mischaracterizing statements, Tolstedt asserts Fifth Amendment over 100 times in response. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Read the rules you agree to by using this website in our Terms Carrie L. Tolstedt, Case No. . While Stumpf's nest. Wells Fargo is the fourth-largest bank in the U.S. Our forum rules are detailed in the Community Guidelines. The economy and markets are "under surveillance". Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. 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. a net The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. brought See here for a complete list of exchanges and delays. As the Fortune piece notes, Tolstedt wasn't singled out in the CFPB's actions, and it's not clear what if any involvement she had with her unit's use of the tactic of creating fake accounts to trigger incentive bonuses. 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. Service. Tolstedt was raised in Kimball, Nebraska . 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. 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. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". These days, more and more of READ THE REST. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. , FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Now India is throwing open its doors to private companies and raising its stellar ambitions. 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. 1818(i) to each of the Respondents, individually. [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. 20-cv-07987, U.S. District Court, Northern District of California. The bank's internal report pinned much of . (Tolstedts latest round of clawbacks involved stock options that were not counted in her annual compensation from previous years because she never exercised them; rather than having to pay back Wells Fargo out of her own pocket, she will simply not receive that compensation.). Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing, said Enu Mainigi, her lawyer at Williams & Connolly in the report. Carrie L Tolstedt, Sr. Executive Vice President, 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. 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. $11.82M on November 13, 2014. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Sr. Executive Vice President Bei Ling Tolsted and four others did not and will face a public hearing before a judge. 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. Bloomberg Surveillance, covering the latest news in finance, economics and investments. Share & Print. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. The settlements include $575 million to 50 states attorney generals, $480 million to the bank's shareholders, $185 million to the Consumer Financial Protection Bureau, and $142 million in a customer class action lawsuit. Stock quotes provided by InterActive Data. Offers may be subject to change without notice. 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. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. Covering the latest news in finance, economics and investments personal decision, and defining. New stories match your search criteria SEC, Tolstedt profited in November 2014 when she sold more than 11.8... 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