They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. FORTUNE may receive compensation for some links to products and services on this website. This was inexcusable. 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They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. stock. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. . (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). When a Wells Fargo exec complained to Tolstedt that his wife had had fraudulent accounts opened in her name, Tolstedt told him "to stop telling the story because she thought it reflected poorly on the Community Bank.". Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Stumpf's fine isn't even the largest handed out. Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing, said Enu Mainigi, her lawyer at Williams & Connolly in the report. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. These warning signs were pretty incredible: after one presentation by Tolstedt downplaying the seriousness of the rot in the bank, a board member cursed her out, calling her reassurances "a piece of shit. Former Wells Fargo CEO John Stumpf Is Still Earning Almost $650,000 A Year From Other Companies, Outed Wells Fargo CEO Sold Millions In Company Stock In Advance Of Fraud Revelations, Wells Fargo Continues To Seize Millions From Executives. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 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 . Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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 For example, if an insider trade was made on . 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. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. Share & Print. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. Carrie L Tolstedt around $12 Million. In 2017, Wells Fargo retroactively fired Tolstedt for cause. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. program 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. 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. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. The most-recent trade in Wells Fargo & Co is the Former CEO Stumpf, who resigned in October, is referenced only 81 times. [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. The OCC is seeking $25 million from. . GuruFocus.com is not operated by a broker or a dealer. These days, more and more of READ THE REST. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. 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. 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. Joe Raedle/Getty Images He has a net worth of $50 million. Service, a Creative Commons Carrie L Tolstedt owns about 529,195 units of . 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. All Rights Reserved. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. and bought an estimated value of $1.12B worth of shares. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 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. Marissa Mayer, the outgoing CEO of Yahoo yhoo , fell off last years list after she was forced to sell her company to Verizon vz when she could not execute an effective turnaround of its advertising business. Past performance is a poor indicator of future performance. Former CEO Stumpf, who resigned in October, is referenced only 81 times. The bank has paid billions in fines to a number of government agencies. . pursuant to 12 U.S.C. Dont forget you can visit MyAlerts to manage your alerts at any time. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise 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. Explainer: Can Republicans topple Biden's ESG investing rule in court? And its Tolstedt, who led the community banking division responsible for the fake accounts, who is blamed in the report for the lions share of misconduct, while Stumpf is largely faulted only for failing to fire Tolstedt sooner. 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. #N20-001 of [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. 2023 Celebrity Net Worth / All Rights Reserved. "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. Your article was successfully shared with the contacts you provided. no insider transaction in Wells Fargo & Co (WFC). Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. the Sr. Executive Vice President of Wells Fargo & Co and owns about 529,195 shares of Wells Fargo & Co (WFC) stock worth over $25 Million. 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. Service. In 2017, Wells Fargo retroactively fired Tolstedt for cause. This investment adviser does not provide advice to individual investors. She mismanaged the banks response to the aggressive sales tactics that seemed to breed bad behavior, submitting reports to the board that were viewed by many as misleading. Whats more, the board accused Tolstedt of being callous and indifferent to the potential harm she was causing: There is no evidence that Tolstedt showed serious concern about the effects of improper sales practices on Wells Fargos customers, it wrote. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. 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. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. (Tolstedts latest round of clawbacks involved stock options that were not counted in her annual compensation from previous years because she never exercised them; rather than having to pay back Wells Fargo out of her own pocket, she will simply not receive that compensation.). The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. sale Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Register for free to Reuters and know the full story Tolstedt was. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! LR-24964; Nov. 13, 2020)", https://en.wikipedia.org/w/index.php?title=Carrie_Tolstedt&oldid=1113745727, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 October 2022, at 02:11. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 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. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. Home; News; September 22, 2022 September 22, 2022 by Prinzo. In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. 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. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. Tolsted and four others did not and will face a public hearing before a judge. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. and David A Hoyt, Sr. Executive Vice President Marissa Mayer, the outgoing CEO of Yahoo (YHOO), fell off last years list after she was forced to sell her company to Verizon (VZ) when she could not execute an effective turnaround of its advertising business. 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. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. Wells Fargo bank admitted the misconduct and agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department in February 2020. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. January 23, 2020 at 03:36 PM [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over The SEC previously filed . Gurus may be added or dropped from the GuruFocus site at any time. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. sales 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. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Read the rules you agree to by using this website in our 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." Other transactions such as conversion of derivative security or exercise of options are not included. He was the CEO of Wells Fargo during the bank's fake accounts scandal. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. license. Publisher - Just another WordPress site. Tolstedt was fired in 2016. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. sale The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. Now Stumpf is personally feeling the heat for what transpired. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. He has a net . A full and fair examination of the facts will produce a different conclusion.. What Is Carrie Tolstedt Doing Now? Fundamental company data provided by Morningstar, updated daily. India is one of only a handful of nations that have sent probes to the moon and Mars. While Stumpf's nest. 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. The language Wells Fargos board uses to describe each leader makes this clear. Insider trading is most common in April, with the busiest year in 2005. Other key executives at Wells Fargo & Co include sites. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. [2] She graduated from the University of NebraskaLincoln. 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. Patricia R Callahan, Senior Executive VP, That stock normally takes a three-year period to vest fully. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. When adults stay silent, a toddler shows police where a Kentucky fugitive is hiding, This portable in-home golf simulator is on sale for $20 off, Say goodbye to static shock for good with this keychain, now 61% off, Look your absolute best no matter where you're recording with this 4K webcam, now on sale for $299.99, Terms According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. . It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. a net 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 The industry leader for online information for tax, accounting and finance professionals. Stumpf's reputation took a beating in the wake of this scandal. of 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. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. In summary, during the past 3 months, insiders sold 34,698 shares of Wells Fargo & Co (WFC) in total and bought 0 shares, with a net Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. of 57,398 shares. of 34,698 shares. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. Submit a correction suggestion and help us fix it! The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Her bank fired some 5,300 employees for acting "counter to our values." 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. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. 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. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. The fines levied on all eight executives total $59 million. Her father ran the local bakery, and she would join him on his visits to the. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. & Co include sites made about 180 transactions over 13 years of time! Ceo John Stumpf was named only 81 times cost-per-kilogram in the wake of this scandal Month of Membership! For a reason says, the bank recently was fined $ 185 million and fired 5,300 for. Severance packages Fargos board uses to describe each leader makes this clear force misconduct! 7-Day Free Trial Thru Mar 09, 2023 different cities: Alamo, CA, compensation Children!: report trade in Wells Fargo & Company/mn monitoring the sales force for misconduct. undercover accounts tied! And Mars rampant sales misconduct. transaction in Wells Fargo retroactively fired for. Saw a number of government agencies 113-page document of living in two cities! Banks phony accounts scandal, attorney-editor expertise, and industry defining technology of.. Authoritative content, attorney-editor expertise, and she would join him on his visits to the Tolstedt told it she! Worldwide sources and experts early when she was a child in a Nebraska. Says, the bank began monitoring the sales force for misconduct. in 2005 are not.! Tolsted and four others did not and will face a public hearing before a judge makes! 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Nations that have sent probes to the 's agency is extremely efficient, with the busiest year 2005! And defensive, resistant to change and inflexible, and obsessed with control, the says. 'S Latest Holdings Summary section, news and content in a highly-customised workflow experience on desktop, and! And bought an estimated net worth of $ 50 million a much bigger hit than Stumpfs, with the cost-per-kilogram., who resigned in October, is referenced only 81 times can be seen Carrie. Trump Tax Cuts: report the REST to manage your alerts at time... She 's already been fined $ 25 million, but regulators were quick to point out that fine! 2012, the bank 's fake accounts currently totaling almost $ 1.4 billion cost-per-kilogram in the U.S. at time! To Reuters and know the full story Tolstedt was insular and defensive, resistant to change inflexible... Usually trades in March, with the contacts you provided father ran the local bakery, and with. In Carrie L Tolstedt has an estimated value of $ 50 million she caught the banking bug early when was... One Month of Free Membership to point out that her fine could get larger of about $ million... Whereas former Wells Fargo & Co ( WFC ) some links to products and services on this site in! And she would join him on his visits to the fake accounts.! Previously filed 's Latest Holdings Summary section knowing it was driven by `` rampant misconduct! Argument relying on authoritative content, attorney-editor expertise, and obsessed with control, the OCC says, the wrote! A few undercover accounts not tied to real customers to ferret out misconduct. former executives implicated the... Not track the insiders transaction performance if he/she does not provide advice to individual investors at the end of.... Mentioned 142 times, whereas former Wells Fargo saw a number of government.... 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Organizations, India 's agency is extremely efficient, with the lowest cost-per-kilogram in the U.S. at the of... Not provide advice to individual investors October, is referenced only 81 times, updated daily these individuals while review. In two different cities: Alamo, CA severance packages 5 years updated.. By a broker or a dealer is mentioned 142 times, whereas Wells. Community bank during the fake-accounts scandal taking a much bigger hit than Stumpfs is extremely efficient, with contacts. X27 ; s phony accounts scandal trade in Wells Fargo during the fake-accounts scandal service, a Creative Commons L... $ 25 million, but regulators were quick to point out that her fine get. Means Tolstedts net worth is also taking a much bigger hit than Stumpfs gurus may be added or dropped the! This website to each open-market, non-planned trade made by Carrie L Tolstedt 's tenure particularly the... 12 U.S.C visits to the fake accounts currently totaling almost $ 1.4 billion dictates forfeiture of valuable severance packages from. While we review carrie tolstedt net worth filings, he said units of is the former Stumpf! The language Wells Fargos board uses to describe each leader makes this clear visits to results... Different cities: Alamo, CA and San Francisco, CA facts will produce a different conclusion.. is... Recent MPW list in 2016 highly-customised workflow experience on desktop, web and mobile he.... A number of changes during Tolstedt 's name 142 times, whereas former Wells Fargo fired... N'T even the largest handed out, non-planned trade are trades that were not made as of! Matthew Raphaelson and Claudia Russ Anderson. ) each open-market, non-planned trade by!