Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Former Wells Fargo CEO John Stumpf fined $17.5M for sales scandal


January 24, 2020

Al Drago – New York Times file

John Stumpf, the chief executive of Wells Fargo, testifies before the House Financial Services Committee investigating Wells Fargo's opening of millions of unauthorized customer accounts, on Capitol Hill in Washington, Sept. 29, 2016.

NEW YORK - Federal regulators have slapped former Wells Fargo Chief Executive John Stumpf with a $17.5 million fine for his role in the bank's sales practices scandal. Stumpf also accepted a lifetime ban from the banking industry.

Along with its fine against Stumpf, the Office of the Comptroller of the Currency announced Thursday it was suing five other former Wells Fargo executives for a combined total of $37.5 million for their roles in the bank's poor practices. Two other executives also settled with regulators, paying million-dollar fines as well.


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