Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . 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. He has a net worth of $50 million. brought Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. pursuant to 12 U.S.C. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. 2023 Celebrity Net Worth / All Rights Reserved. Sr. Executive Vice President Kyle G Hranicky They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Life is chaotic, and finding time 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. . [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. 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. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . 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. 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. Under the deal, Stumpf will have to pay $17.5m in fines and cannot ever work in finance again (don't worry, he's still a multi-multi-multi millionaire). Thats down 1,576 (or 10.4%)from Sept. 30, 2016, when the firm had 15,086 registered reps and began making headlines for the fake accounts. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. 2023 Fortune Media IP Limited. of 34,698 shares. sale 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 misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees, it said, adding that ex-community banking risk officer Claudia Russ Anderson made false and misleading statements to the OCC and actively obstructed the OCCs examinations of the banks sales practices.. 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. 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 Gurus may be added or dropped from the GuruFocus site at any time. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. (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.). Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. Jody Godoy reports on banking and securities law. Joe Raedle/Getty Images hide caption. Now Stumpf is personally feeling the heat for what transpired. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. All quotes delayed a minimum of 15 minutes. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. A Wells Fargo executive's departure with large stock and options holdings has sparked questions, after the division she ran incurred $185 million in penalties. no insider transaction in Wells Fargo & Co (WFC). of Advisor Case Studies: Navigating By Your Values. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. The fines levied on all eight executives total $59 million. 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. Powered and implemented by Interactive Data Managed Solutions. "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. Past performance is a poor indicator of future performance. He has a net . 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. articles a month for anyone to read, even non-subscribers! Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.05M . 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. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. 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. The news comes more than three years after the bank agreed to pay a fine and $185 million settlement with the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles City Attorneys Office over 2 million-plus client accounts and credit cards that were potentially unauthorized. See A Timeline of the Wells Fargo Scandals. The chargesallege that the executives failed to adequately perform their duties and responsibilities, which contributed to the banks systemic problems with sales practices misconduct from 2002 until October 2016, the OCC explained. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. Home; News; Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. 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 phony. 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. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. In 2017, Wells Fargo retroactively fired Tolstedt for cause. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Carrie L Tolstedt is 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. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". Carrie Tolstedt headed up Wells Fargo's community bank for a decade. 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. 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 The bank has paid billions in fines to a number of government agencies. Service, a Creative Commons and affiliate links. 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Fundamental company data provided by Morningstar, updated daily. 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. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). 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. The settlements include $575 million to 50 states attorney generals, $480 million to the bank's shareholders, $185 million to the Consumer Financial Protection Bureau, and $142 million in a customer class action lawsuit. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B 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. Carrie L Tolstedt currently owns a total of 1 Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened 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. The industry leader for online information for tax, accounting and finance professionals. Read about what we do with the data we gather in our Privacy Policy. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. (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.). Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Ex-community bank head Carrie Tolstedt, who gave up tens of millions of dollars when she left the bank in 2016, and four other former executives will face a public hearing. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. license except where otherwise noted. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. 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. 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.". (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. [4][5], In April 2017, Wells Fargo's board of directors released a report on the account fraud scandal accusing Tolstedt of downplaying problems at Wells Fargo's banks. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. A Wells Fargo executive's departure with large stock and options holdings has sparked questions, after the division she ran incurred $185 million in penalties. January 23, 2020 at 03:36 PM Submit a correction suggestion and help us fix it! 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. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. Not a "thing". Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Hybrid work is failing to provide workers with two of the three things they want most, says a management expert, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. 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. [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. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. 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. Offers may be subject to change without notice. This was inexcusable. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. The Office of the Comptroller of the Currency issued fines of $37.5 million against five former Wells Fargo executives and reached settlements of $21 million with ex-Chairman and CEO John Stumpf and several other former members of the banks operating committee. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. , Wells Fargo stock Submit a correction suggestion and help us fix!. Termination for cause order, carrie Tolstedt collected $ 5.5 million in stock ( )... 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