Wells Fargo Executive Avoids Prison in Fake Accounts Scandal, Gets Probation and Fine
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Former Wells Fargo executive Carrie Tolstedt avoided prison time for her role in the bank's fake accounts scandal.
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Tolstedt was sentenced to 3 years probation, 6 months home confinement, 120 hours community service, and a $100,000 fine.
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She pleaded guilty to obstructing a government investigation into misconduct at Wells Fargo.
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Tolstedt is the only top Wells Fargo executive to face criminal charges over the scandal involving employees opening millions of fake accounts.
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Wells Fargo paid $3 billion in fines in 2020 and Tolstedt paid $20 million to settle civil charges related to the scandal.