Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. What Is Carrie Tolstedt Doing Now? #N20-001 Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. 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. Only the transactions in Open Market or Private Sale at the market prices are included. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. 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. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. Stumpf's reputation took a beating in the wake of this scandal. He was the CEO of Wells Fargo during the bank's fake accounts scandal. Sr. Executive Vice President Kyle G Hranicky Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise 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 "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. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 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. During the past 18 months, 57,398 shares of Wells Fargo & Co (WFC) were sold and 0 shares were bought by its insiders, resulting in a net designed to provide a means for us to earn fees by linking to Amazon.com and affiliated [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. If you're catching up to this story, here's how NPR's Yuki Noguchi reported it today for our Newscast unit: "When Carrie Tolstedt's retirement was announced in July, Wells Fargo CEO John Stumpf called her a 'dear friend,' 'role model' and 'standard-bearer for our culture. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. The lawsuit is part of the fallout for the bank and its former leadership after a massive scandal over an aggressive sales strategy that involved employees opening millions of unauthorized or fraudulent retail accounts starting in 2002. 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. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. program In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. January 23, 2020 at 03:36 PM Read about what we do with the data we gather in our Privacy Policy. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Carrie L. Tolstedt, Case No. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. In doing so, Wells Fargo has also apparently closed the coffin on the career of Carrie L. Tolstedt, who was prized as a superstar female leader before the bank fired her last year. Carrie L. Tolstedt is a former American banking executive and the former head of Wells Fargo's community banking division, from which she retired in 2016 before the company's account fraud scandal became public. 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. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. A full and fair examination of the facts will produce a different conclusion.. 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. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. 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. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. and In 2015, she was the most . The OCC is seeking $25 million from. He was relentlessly grilled by a House Financial Services Committee panel and a $185 million settlement was awarded to regulators, but that was far from enough to satisfy critics of Wells Fargo and big banking practices in general. of license. 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. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. But the most impressive part of its space program is its cost-effectiveness. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Service. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. Source: Vimbuzz.com Related Posts Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education Carrie Tolstedt nationality and ethnicity What did Carrie Tolstedt do? 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 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. Who will be eaten first? 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. Early life [ edit] The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Patricia R Callahan, Senior Executive VP, sale 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. While Stumpf's nest. 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. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. 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. FORTUNE may receive compensation for some links to products and services on this website. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. 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. license except where otherwise noted. 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. Wells Fargo & Co (WFC) See A Timeline of the Wells Fargo Scandals. Bloomberg Surveillance, covering the latest news in finance, economics and investments. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. no insider transaction in Wells Fargo & Co (WFC). 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. sale Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. All rights reserved. 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. 219,835 shares on November 11, 2014, which Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. sale All Rights Reserved. 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. The fines levied on all eight executives total $59 million. In doing so, Wells Fargo has also apparently closed the coffin on the career of. 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 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. pursuant to 12 U.S.C. 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. Your article was successfully shared with the contacts you provided. All Rights Reserved. stock. Reach her at jody.godoy@thomsonreuters.com. , [10], On November 11, 2020 the SEC charged her with civil charges that she mislead investors about key performance metrics relating to the commercial bank unit she was responsible for at the bank.[11]. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. Other transactions such as conversion of derivative security or exercise of options are not included. 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. 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. "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." Service, a Creative Commons 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. and bought an estimated value of $1.12B worth of shares. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. This was inexcusable. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Offers may be subject to change without notice. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. She was a top booster of the. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. 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. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. 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. 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, 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. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. of Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Over the past 18 months, 20-cv-07987, U.S. District Court, Northern District of California. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B In 2017, Wells Fargo retroactively fired Tolstedt for cause. 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. Stumpf is barred from the business and will pay a $17.5 million fine. On this Wikipedia the language links are at the top of the page across from the article title. I immediately developed a thing for Carrie Tolstedt. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. For example, if an insider trade was made on . Remember John Stumpf? Our forum rules are detailed in the Community Guidelines. Unlike other government space organizations, India 's agency is extremely efficient, with contacts... Securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt has sold an estimated of. 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