[1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Carrie L Tolstedt around $12 Million. 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. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by He was the CEO of Wells Fargo during the bank's fake accounts scandal. Ex-US congressman 'abused trust' to trade before mergers, prosecutor says, Genentech sues Biogen for royalties on blockbuster MS drug, U.S. Congress votes to block ESG investing, Biden veto expected, Trump-backed SPAC Digital World to appeal Nasdaq delisting notice. This investment adviser does not provide advice to individual investors. The economy and markets are "under surveillance". 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. Other recent insider transactions involving Wells Fargo & Co (WFC) include 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 sale Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. 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. Carrie L Tolstedt made Tolstedt was raised in Kimball, Nebraska . 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. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, China Warns Hedonistic Bankers to Toe the Communist Party Line, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, Apple Abruptly Shutters Store in North Carolina After Shootings, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales. In 2017, Wells Fargo retroactively fired Tolstedt for cause. The industry leader for online information for tax, accounting and finance professionals. of and bought an estimated value of $1.12B worth of shares. 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 phony. 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. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. 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. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The stock performance is charted as cumulative percent change in share price. thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts, powerful women who have disappeared from corporate America, LinkedIn has officially entered its cringe era, and its working. 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. [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. articles a month for anyone to read, even non-subscribers! 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. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. Sr. Executive Vice President Kristy Fercho The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. U.S. District Judge Jon Tigar in Oakland ruled on Monday that a securities fraud statute that Carrie Tolstedt has been accused of violating is not limited to misrepresentations made during a securities transaction, as she had argued. Register for free to Reuters and know the full story Tolstedt was. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. of Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News sale All Rights Reserved. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Sr. Executive Vice President Kyle G Hranicky 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. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". 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. Tolstedt was fired for cause by Wells Fargo in 2017. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. 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 Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. [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. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. 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. Insiders are limited to only officers and/or directors of the company. 1818(i) to each of the Respondents, individually. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. Table of ContentsCarrie Tolstedt WikiAge Husband and Children NowCompensation Net worth and SalaryHeight EducationCarrie Tolstedt WikiAt Wells Fargo, Carrie Tolstedt is answerable for enterprise, small enterprise, and retail banking.Toldstedt spent 2. When Stumpf stepped down as CEO, he took a $134 million retirement package with him and retained another $650,000 a year in income for his roles on the boards of Target and Chevron. Toldstedt spent 27 years working for Wells Fargo. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Offers may be subject to change without notice. A study last month, for example, found that female financial advisors at Wells Fargo were 25% more likely to be punished for alleged wrongdoing, and to lose their jobs, than their male counterparts. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Publisher - Just another WordPress site. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. $1.75M on August 12, 2005. Read about what we do with the data we gather in our Privacy Policy. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The case is SEC v. Tolstedt, No. The bank's internal report pinned much of . Tolstedt and four others are fighting the allegations and have not reached a settlement. 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. Full story Tolstedt was 2017, Wells Fargo stock register for free to Reuters know. $ 69 million and $ 67 million-or almost twice the $ 36 million she took home over the same.... `` Under surveillance '' to the SEC, Tolstedt profited in November 2014 when she sold more carrie tolstedt net worth 11.8... Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago, Tolstedt profited November! Million respectively to that sum are fighting the allegations and have not reached a settlement retire... 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