Former Wells Fargo CEO John Stumpf To Pay $17.5 Mln Fine For Sales Misconduct

(RTTNews) - The Office of the Comptroller of the Currency Thursday issued a notice of charges against five former senior executives of Wells Fargo Bank. The Comptroller announced settlements with the bank's former CEO and other members of the bank's operating committee.

The Comptroller has banned former Wells Fargo CEO John Stumpf from working at a bank ever again. He will also pay $17.5 million for scandals in which millions of fake accounts were set up to meet sales quotas.

"The actions announced by the OCC today reinforce the agency's 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," stated Comptroller of the Currency Joseph Otting.

The charges stem from the executives' role in the bank's systemic sales practices misconduct.

The charges alleges these executives failed to adequately perform their duties and responsibilities, which contributed to the bank's systemic problems with sales practices misconduct from 2002 until October 2016. The misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees.

Furthe, the notice states that Russ Anderson also made false and misleading statements to the OCC and actively obstructed the OCC's examinations of the bank's sales practices.