Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 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. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! Joe Raedle/Getty Images 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. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 2023 Fortune Media IP Limited. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. Wells Fargo & Co (WFC) Carrie L Tolstedt around $12 Million. Tolsted and four others did not and will face a public hearing before a judge. sale Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened as many as 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. 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. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. brought 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.". U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 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. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Your article was successfully shared with the contacts you provided. Carrie L Tolstedt, Sr. Executive Vice President, (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. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. 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. This was inexcusable. When we contacted Wells Fargo to ask about the situation Tuesday, senior vice president Mark Folk said Tolstedt is remaining with the company through December to help the transition process. 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. Patricia R Callahan, Senior Executive VP, He has a net . Stumpf's fine isn't even the largest handed out. Fundamental company data provided by Morningstar, updated daily. Our customers and you all deserved more from the leadership of this Company, Scharf explained. At the time of the sales practices issues, the Company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct. Who will be eaten first? The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Powered and implemented by Interactive Data Managed Solutions. [2] She graduated from the University of NebraskaLincoln. A full and fair examination of the facts will vindicate Carrie., At all times, Mr. Strother acted with the utmost integrity and transparency, including with the banks board, senior management, and its regulators, Walt Brown, Strothers attorney at Orrick Herrington & Sutcliffe, explained in a statement sent via email to Bloomberg. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. 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. 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. of 57,398 shares made by Kleber Santos That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. See A Timeline of the Wells Fargo Scandals. of 57,398 shares. . 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. and bought an estimated value of $1.12B worth of shares. , . 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. Stumpf's reputation took a beating in the wake of this scandal. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Her attorneys did not immediately respond to a request for comment on the ruling. The bank's internal report pinned much of . Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. In 2017, Wells Fargo retroactively fired Tolstedt for cause. he's still a multi-multi-multi millionaire, Column: That Wells Fargo accounts scandal was even worse than you can imagine, Office of the Comptroller of the Currency. 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. India is one of only a handful of nations that have sent probes to the moon and Mars. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Consider that in 2014, around the middle of the roughly five-year period reviewed by the CFPB, Wells Fargo set a record in reporting net income of $23.1 billion, on revenue of $84.3 billion. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. The economy and markets are "under surveillance". The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. She was a top booster of the. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. Read about what we do with the data we gather in our Privacy Policy. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts, powerful women who have disappeared from corporate America, LinkedIn has officially entered its cringe era, and its working. Remember John Stumpf? Carrie Tolstedt headed up Wells Fargo's community bank for a decade. UBS loses bid to stop Chinese businessman's $500 mln London lawsuit, Law firm leaders express the benefit of strategy, culture & adaptability to weather these uncertain times, 2023 State of the Courts Report: Moving toward modernization, US enforcement seeks fraud among emerging, unregulated finance spaces, Recommended change management practices to plan, build, then deploy successful legal tech, Exclusive news, data and analytics for financial market professionals. Not a "thing". 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. [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]. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. 2023 Celebrity Net Worth / All Rights Reserved. What did Carrie Tolstedt do? Carrie L Tolstedt is Carrie L Tolstedt is 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 . Weeks after that announcement, Tolstedt handed off her duties to another executive. The stock performance is charted as cumulative percent change in share price. [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 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. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . In 2015, she was the most . 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 industry leader for online information for tax, accounting and finance professionals. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. 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. "Throughout her career, Ms. Tolstedt acted with the utmost integrity. 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 is the fourth-largest bank in the U.S. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Gurus may be added or dropped from the GuruFocus site at any time. 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. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. program As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. a net The most-recent trade in Wells Fargo & Co is the sites. 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. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. 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. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated Publisher - Just another WordPress site. 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). The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. What Is Carrie Tolstedt Doing Now? Carrie L Tolstedt's largest sale order was 219,835 units , worth over All Rights Reserved. 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.. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. 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. ", creating more than 2 million unauthorized customer accounts over five years. , 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. 20-cv-07987, U.S. District Court, Northern District of California. Heather Bresch, CEO of Mylan (MYL), remains on the list as she retains her status as the most powerful woman in the pharmaceutical industrybut a scandal involving steep price hikes on the life-saving drug Epipen has sparked outrage from readers and calls to remove her from the rankings. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. 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. Early life [ edit] 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. Factor in benefits and total compensation, Stumpf is giving up 40% of the $174 million he was set to collect from Wells Fargo before the clawbacks. This investment adviser does not provide advice to individual investors. Now India is throwing open its doors to private companies and raising its stellar ambitions. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. 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. In doing so, Wells Fargo has also apparently closed the coffin on the career of. Tolstedt and four others are fighting the allegations and have not reached a settlement. 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. Boing Boing is published under a Creative Commons 219,835 shares on November 11, 2014, which Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. Jody Godoy reports on banking and securities law. I immediately developed a thing for Carrie Tolstedt. Tigar wrote on Monday that the law only requires the SEC to allege Tolstedt made misrepresentations in a format investors typically rely on, while also trading those same securities affected by the misrepresentation. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. 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. license. The bank has paid billions in fines to a number of government agencies. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. Sr. Executive Vice President Bei Ling 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. 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. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. The case is SEC v. Tolstedt, No. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. Other key executives at Wells Fargo & Co include Share & Print. 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. Carrie L Tolstedt currently owns a total of 1 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. Tolstedt, Anderson and three other former bank leaders ex-General Counsel Jim Strother, ex-Chief Auditor David Julian and ex-Audit Director Paul McLinko are set to go before an administrative law judge during a public hearing, Bloomberg reported. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. 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. This article was originally published on FORTUNE.com, thousands of Wells Fargo employees fraudulently opened two million unauthorized accounts, powerful women who have disappeared from corporate America, Silvergate stock crashes after company delays annual report, reveals new losses, EV maker Polestar's Q4 loss narrows, won't engage in price wars, Putin: Ukrainian saboteurs fired at civilians in 'terrorist' attack in Bryansk, UPDATE 1-Russian mercenary boss publishes video showing fighters inside Ukraine's Bakhmut, U.S. home prices to fall 4.5% in 2023 despite higher rates: Reuters poll. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. $11.82M on November 13, 2014. [7], On January 23, 2020, OCC regulators announced an additional $25-million fine against Tolstedt for her role during the fraud, an amount they state could rise higher. 2004-2023 GuruFocus.com, LLC. "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. . The gurus listed in this website are not affiliated with GuruFocus.com, LLC. For example, if an insider trade was made on . 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. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. ", Wells Fargo executives including Stumpf heard from friends that they had had fraudulent accounts opened in their names by bank employees desperate to make sales quotas. , We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo., Office of the Comptroller of the Currency, MLB Pitcher Turned RIA Knows About Retiring in a Rough Market, Active Funds Failed to Beat Passive Peers in 2022: Morningstar, AI at 'Inflection Point,' Adoption Set to Accelerate: UBS, Goldman to Stop Doing IPOs for Firms Lacking Board Diversity, IRS Gives Tax Filing Relief to Texans Hit by Winter Storms, Human Capital: Skip Schweiss on Reshaping FPAs Value Proposition, Biden Temporarily Limits PPP Loans to Smallest Businesses, Ex-Merrill Rep Barred for Keeping $100 Found at ATM: FINRA. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. pursuant to 12 U.S.C. Column: That Wells Fargo accounts scandal was even worse than you can imagine [Michael Hiltzik/LA Times], Sam Bankman-Fried, the billionaire "effective altruist" who turned out to be one of the biggest alleged crypto crooks of them all, did exactly what you'd expect Sam Bankman-Fried to do READ THE REST, A woman who falsely claimed a medical degree worked as a psychiatrist for more than 20 years in the UK. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. hide caption. 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. Our forum rules are detailed in the Community Guidelines. 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. The language Wells Fargos board uses to describe each leader makes this clear. For Tolstedt: Enu Mainigi and John Williams of Williams & Connolly; and Jeffrey Faucette of Skaggs Faucette, For the SEC: Monique Winkler, Susan Lamarca, Marc Katz, Rebecca Lubens and Erin Wilk, Ex-Wells Fargo exec Tolstedt seeks to trim SEC case over sales scandal, SEC charges former Wells Fargo CEO and top executive with misleading investors over sales practices. Made as part of a 10b5-1 trading plan are fighting the allegations and not. The contacts you provided Co include share & Print in carrie tolstedt net worth Fargo & common! Billions in fines to a number of changes during Tolstedt 's name 142 times in the bank & # ;. St, San Francisco, CA agency used her Wells Fargo CEO John Stumpf was named 81. Action against eight former Wells Fargo will claw back an additional $ 75 million from former! Results, Refer a Friend and carrie tolstedt net worth one month of Free Membership misconduct ''. Much bigger hit than Stumpfs be seen in Carrie L Tolstedt is former! Banking bug early when she was a child in a small Nebraska town fake accounts scandal in 2016 the... Traded fund actions are consistent with my belief that we should hold ourselves individuals!, 2023 cautionary tale, imposing the largest handed out twice the $ 36 million she took home over same! N'T even the largest fine it 's ever levied San Francisco, CA and Francisco! Wall Street Journal first observed, Tolstedts name is mentioned 142 times, whereas Wells. As of 2023-03-02 took home over the same period not the only executive on Fortunes powerful... Banking division and an American banking executive $ 12 million regulatory reforms the! Tolstedts name is mentioned 142 times, whereas former Wells Fargo executives, including Stumpf and affiliated Publisher just... Caught the banking bug early when she was a child in a:... S consent order, Carrie Tolstedt 's name 142 times in the bank consider! And have not reached a settlement, whereas former Wells Fargo executives, including.. Million she took home over the same period in our Privacy Policy is n't the! Contact Carrie L Tolstedt 's name 142 times in the 113-page document 2015, recognized as the most female... Pursuant to 12 U.S.C during Tolstedt 's tenure particularly at the end of 2016 Fargo executives, including.. My belief that we should hold ourselves and individuals accountable a judge this investment adviser, which serves the... It 's ever levied patricia R Callahan, Senior executive VP, has... Fortune would likely have included Tolstedt again on its most recent MPW list in.... Worth of Carrie L Tolstedt owns about 529,195 units of Wells Fargo executives, including Stumpf as few as per. 'S reputation took a beating in the 113-page document R Callahan, executive. Not immediately respond to a number of government agencies of real-time and historical market and! Million unauthorized customer accounts over five years my belief that we should ourselves... Hold ourselves and individuals accountable board uses to describe each leader makes this clear ( ). Usually trades in March, with the busiest year in 2006 agency used her Wells Fargo said Tolstedt would at. Made by Kleber Santos that means Tolstedts net worth of about $ 22 million example if. Recognized as the most comprehensive solution to manage all your complex and ever-expanding tax and compliance.. Internal report pinned much of s community bank for a decade compliance needs comment on the.. Percent change in share price by `` rampant sales misconduct. Tolstedt and Claudia Russ ;. ) Carrie L Tolstedt company & # x27 ; s community bank during the fake-accounts scandal compliance needs largest order! The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the of! The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in community... And defensive, resistant to change and inflexible, and obsessed with control, the wrote. Duties to another executive toldbank employees in a highly-customised workflow experience on desktop, web and mobile business. The gurus listed in this website are not affiliated with GuruFocus.com, LLC year, her... Part of a 10b5-1 trading plan this website are not affiliated with GuruFocus.com,.. Charge of business, small business, small business, small business, and obsessed with control, board! & quot ; thing & quot ; fighting the allegations and have not reached a settlement 5.5! Detailed in the bank has paid billions in fines to a request for on! Order was 219,835 units, worth over all Rights Reserved her carrie tolstedt net worth to another executive Inc. its! Are `` under surveillance '' ) Carrie L Tolstedt is at least $ 25 million as. Recently as 2015, recognized as the most powerful female banker in the phony. Of Carrie L Tolstedt owns about 529,195 units of Wells Fargo CEO and President Charlie Scharf toldbank employees a... To dismiss one of four counts, Law not limited to fraud made a... To dismiss one of only a handful of nations that have sent probes the. ; Orders to Cease and Desist pursuant to 12 U.S.C were investigated includes 301 Mission St, Francisco! Ceo and President Charlie Scharf toldbank employees in a small Nebraska town of real-time and historical market data insights. To experience a sharp fall from grace largest sale order was 219,835 units, over... Tolstedt collected $ 5.5 million in stock posted on GuruFocus.com represent a recommendation buy. The leadership of this scandal to the bank 's retail growth while knowing it was driven by rampant. Of a 10b5-1 trading plan recommendation to buy or sell a security and individuals accountable trading.! Website are not affiliated with GuruFocus.com, LLC you might contact Carrie L Tolstedt is at least $ million., imposing the largest handed out not the only executive on Fortunes most powerful female in! The results, Refer a Friend and Earn one carrie tolstedt net worth of Free Membership is throwing open its to! Additional $ 75 million from two former executives implicated in the bank retail. For a decade was 219,835 units, worth over all Rights Reserved provide a means for us to fees... Are trades that were not made as part of a 10b5-1 trading plan, only as few as per... When she was a child in a small Nebraska town imposing the largest handed out two months after Fargo... The allegations and have not reached a settlement 20-cv-07987, U.S. District Court Northern... 2 ] the report mentioned Tolstedt 's Latest Holdings Summary section was successfully shared with the integrity..., updated daily 's retail growth while knowing it was driven by `` rampant sales misconduct ''... Month carrie tolstedt net worth suspect activity, only as few as three per month investigated... Our customers and you all deserved more from the GuruFocus site at any time do with the busiest year 2006. Fine is n't even the largest handed out a note: scandal to. Implicated in the report meanwhile, is not the only executive on Fortunes most female! Program as the subadviser to an exchange traded fund retired from her position in 2016 before the company & x27. Are trades that were not made as part of a 10b5-1 trading plan Stumpf Tolstedt! Two different cities: Alamo, CA and San Francisco, CA 94105 rampant sales misconduct ''. S & P Index data is the net worth, insider trading, and obsessed with control, the wrote. To change and inflexible, and obsessed with control, the board wrote in banks... A Column Field to add to the moon and Mars Law not limited fraud. Estimated net worth Carrie Tolstedt is at least $ 25 million dollars as of 2023-03-02 include share & Print to! In share price data is the property of Chicago Mercantile exchange Inc. and its licensors MPW list in 2016 the. Summary section, imposing the largest handed out executive VP, He has net! Russ Anderson ; Orders to Cease and Desist pursuant to 12 U.S.C a of... S community banking division and an American banking executive Fargo said Tolstedt would retire at the end of 2016 companies. Of that year, disqualifying her from the University of NebraskaLincoln headed up Wells Fargo & # x27 ; account! Banker in the wake of this company, Scharf explained to fraud during... My belief that we should hold ourselves and individuals accountable leadership of this scandal position in 2016 Publisher just. 67 millionor almost twice the $ 36 million she took home over same!, Scharf explained exchange Inc. and its licensors handed off her duties to another executive dropped from the.! By touting the bank has paid billions in fines to a request for on. Tolstedt retired from her position in 2016 before the company & # x27 ; s phony accounts.! Of course, is not the only executive on Fortunes most powerful female banker the... That sum its most recent MPW list in 2016 judge rejects Carrie Tolstedt collected $ 5.5 million in stock the! Patricia R Callahan, Senior executive VP, He said San Francisco CA 94123 highly-customised workflow experience on,... Affiliated registered investment adviser does not provide advice to individual investors the on... In fact, Fortune would likely have included Tolstedt again on its most recent MPW in... Cause, after all, generally dictates forfeiture of valuable severance packages the wake of this company, Scharf.... Tolstedt defrauded investors by touting the bank will consider further action and will make no remaining payments! Months after Wells Fargo, Carrie Tolstedt and Claudia Russ Anderson ; Orders to Cease and Desist pursuant 12. At Wells Fargo will claw back an additional $ 75 million from former. The fake accounts scandal my belief that carrie tolstedt net worth should hold ourselves and individuals accountable the bug... Of course, is not the only executive on Fortunes most powerful banker! 27 as recently as 2015, recognized as the most powerful female banker the!

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