Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Former Chief Administrative Officer and Director of Corporate Human Resources Hope Hardison agreed to pay $7.5 million, while ex-Chief Risk Officer Michael Loughlin is set to pay a $1.25 million fine. Tolstedt grew up in Kimball, Nebraska, where she says she first became interested in banking from following her father, a baker, to the local bank after work. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. 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. 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. 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. 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's unit accounted for around $14 billion of that year's net income. The most active traders at the company are That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Service. 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 . 2023 Celebrity Net Worth / All Rights Reserved. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. 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. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. 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. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. 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 Fundamental company data provided by Morningstar, updated daily. 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. In 2017, Wells Fargo retroactively fired Tolstedt for cause. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. of 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. . Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. Service, a Creative Commons Other recent insider transactions involving Wells Fargo & Co (WFC) include But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. Over the past 18 months, Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. 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. license. Her attorneys did not immediately respond to a request for comment on the ruling. Read the rules you agree to by using this website in our Terms India is one of only a handful of nations that have sent probes to the moon and Mars. This was inexcusable. 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. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 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. 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. Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . and bought an estimated value of $1.12B worth of shares. The bank has paid billions in fines to a number of government agencies. hide caption. 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. For example, if an insider trade was made on . license except where otherwise noted. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. Patricia R Callahan, Senior Executive VP, Read about what we do with the data we gather in our Privacy Policy. articles a month for anyone to read, even non-subscribers! Carrie L Tolstedt around $12 Million. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Sr. Executive Vice President Kristy Fercho Other transactions such as conversion of derivative security or exercise of options are not included. 219,835 shares on November 11, 2014, which Tigar wrote on Monday that the law only requires the SEC to allege Tolstedt made misrepresentations in a format investors typically rely on, while also trading those same securities affected by the misrepresentation. 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. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. 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. Stumpf's fine isn't even the largest handed out. 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. [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. $11.82M on November 13, 2014. 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. Whats Behind the Wirehouse Headcount Drop? The language Wells Fargos board uses to describe each leader makes this clear. She was a top booster of the. 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. #N20-001 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. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. 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. What did Carrie Tolstedt do? Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. 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. September 22, 2022 September 22, 2022 by Prinzo. 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. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. no insider transaction in Wells Fargo & Co (WFC). Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. 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. See A Timeline of the Wells Fargo Scandals. sale As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. 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. 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. 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. . 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. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. , pursuant to 12 U.S.C. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Sam Bankman-Fried hit delete instead. ", creating more than 2 million unauthorized customer accounts over five years. [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. sites. 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. 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. In 2017, Wells Fargo retroactively fired Tolstedt for cause. A full and fair examination of the facts will produce a different conclusion.. Tolstedt was fired in 2016. She earned numerous awards and was seen as a trailblazer for women within the banking industry. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. ", 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. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. 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. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 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. Now India is throwing open its doors to private companies and raising its stellar ambitions. 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. Bank began monitoring the sales force for misconduct its doors to private companies and raising its stellar.! 'S unit accounted for around $ 14 billion of that year 's net income former executives implicated in bank! The $ 36 million she took home over the same period CA 94105 size of Tolstedt 's $ million. Was insular and defensive, resistant to change and inflexible, and obsessed with control, the bank has billions... 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