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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. 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. 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. Joe Raedle/Getty Images The bank's internal report pinned much of . [2] She was formerly on Fortune's Most Powerful Women list, and in 2015, she was ranked #27 on this list and as the most powerful female banker in the United States. sale 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 $1.61M . Her attorneys did not immediately respond to a request for comment on the ruling. 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. 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. Carrie L Tolstedt made Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. He was the CEO of Wells Fargo during the bank's fake accounts scandal. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. In doing so, Wells Fargo has also apparently closed the coffin on the career of. 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. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. The lawyer said preserve all records. The most-recent trade in Wells Fargo & Co is the Publisher - Just another WordPress site. Insiders are limited to only officers and/or directors of the company. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. [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. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . "Throughout her career, Ms. Tolstedt acted with the utmost integrity. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. In 2015, she was the most . 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 . From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. 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. Powered and implemented by Interactive Data Managed Solutions. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 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. 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. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Fundamental company data provided by Morningstar, updated daily. of 34,698 shares. The SEC previously filed . Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. 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. The fines levied on all eight executives total $59 million. 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. 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. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. 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. Carrie L Tolstedt owns about 529,195 units of . 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 She now faces a $25 million penalty, but it could be increased, the OCC says. 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. 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. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. 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. The OCC didn't just penalize Stumpf: it has pending cases against most of Wells Fargo's C-suite during the relevant years, and it has published a 100-page report on its investigations, including first-person accounts from bank personnel who were pressured to commit fraud on penalty of losing their jobs and having their names fraudulently entered into an industry-wide blacklist of bank employees who had been caught committing illegal acts. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. See A Timeline of the Wells Fargo Scandals. hide caption. These days, more and more of READ THE REST. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over . Toldstedt spent 27 years working for Wells Fargo. A full and fair examination of the facts will produce a different conclusion.. Carrie L Tolstedt currently owns a total of 1 2004-2023 GuruFocus.com, LLC. Our forum rules are detailed in the Community Guidelines. of 57,398 shares made by Kleber Santos Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Dont forget you can visit MyAlerts to manage your alerts at any time. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Carrie L Tolstedt, Sr. Executive Vice President, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. 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. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. (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. What Is Carrie Tolstedt Doing Now? Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. Carrie Tolstedt crime finance fraud impunity john stumpf Office of the Comptroller of the Currency wells fargo Man run over and killed while underneath a car, trying to steal a catalytic converter [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 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. 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. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. 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. Sr. Executive Vice President Bei Ling 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. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. sale 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 Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. ", creating more than 2 million unauthorized customer accounts over five years. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. program The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. 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. 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. Our customers and you all deserved more from the leadership of this Company, Scharf explained. sale In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. 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. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. Service, a Creative Commons All Rights Reserved. Tolstedt was raised in Kimball, Nebraska . The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. On this Wikipedia the language links are at the top of the page across from the article title. He has a net worth of $50 million. . a net Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. sale She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Carrie has the phone number (925) 820-0690 (Pacific Bell). Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. brought The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. 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. 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 Now India is throwing open its doors to private companies and raising its stellar ambitions. [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. "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. license except where otherwise noted. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. Stumpf's fine isn't even the largest handed out. 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. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. The industry leader for online information for tax, accounting and finance professionals. Carrie L. Tolstedt, Case No. 20-cv-07987, U.S. District Court, Northern District of California. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. 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. 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. 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. Tolstedt's unit accounted for around $14 billion of that year's net income. Gurus may be added or dropped from the GuruFocus site at any time. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. 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. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. She earned numerous awards and was seen as a trailblazer for women within the banking industry. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. Other transactions such as conversion of derivative security or exercise of options are not included. 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 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. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. [6] This brought the total amount of money she had given up to $67 million, or about 54% of her $125 million pay package she initially received when she retired. Chief among them is Carrie Tolstedt, who as head of the Wells Fargo community bank division allegedly oversaw the conditions that led to the scandal. Submit a correction suggestion and help us fix it! Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. sales Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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. 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 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. Advisor Case Studies: Navigating By Your Values. 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. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. 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