Only the transactions in Open Market or Private Sale at the market prices are included. 2004-2023 GuruFocus.com, LLC. 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. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B of The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. 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. 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. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. 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. While Stumpf's nest. All Rights Reserved. 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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Toldstedt spent 27 years working for Wells Fargo. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. But the magazine also spoke to a banking reform advocate who asked about claw-back policies: "If they don't apply here, when will they apply? and David A Hoyt, Sr. Executive Vice President Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." 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. She earned numerous awards and was seen as a trailblazer for women within the banking industry. 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. 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. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise designed to provide a means for us to earn fees by linking to Amazon.com and affiliated 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. Sr. Executive Vice President Bei Ling 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. 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. ', "Less than two months later, the bank agreed to pay the largest penalty ever imposed by the Consumer Financial Protection Bureau $185 million for creating more than 2 million unauthorized customer accounts over five years. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. He was the CEO of Wells Fargo during the bank's fake accounts scandal. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. 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. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. , 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. These days, more and more of READ THE REST. 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. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. Past performance is a poor indicator of future performance. That stock normally takes a three-year period to vest fully. of 34,698 shares. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. $1.61M . Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. Explainer: Can Republicans topple Biden's ESG investing rule in court? 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). She was a top booster of the. He has a net worth of $50 million. Carrie L Tolstedt owns about 529,195 units of . Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. 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.". 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. 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. Stumpf's reputation took a beating in the wake of this scandal. 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. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). #N20-001 I immediately developed a thing for Carrie Tolstedt. Tolstedt's unit accounted for around $14 billion of that year's net income. But the most impressive part of its space program is its cost-effectiveness. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. Advisor Case Studies: Navigating By Your Values. 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. Tolstedt was raised in Kimball, Nebraska . In 2015, she was the most . 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. 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. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. The lawyer said preserve all records. 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. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Stumpf is barred from the business and will pay a $17.5 million fine. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. 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. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. 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. The stock performance is charted as cumulative percent change in share price. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by of 57,398 shares. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. sale Your article was successfully shared with the contacts you provided. Carrie L Tolstedt around $12 Million. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. Boing Boing is published under a Creative Commons Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. In 2017, Wells Fargo retroactively fired Tolstedt for cause. 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. Home; News; Register for free to Reuters and know the full story Tolstedt was. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". Stumpf's fine isn't even the largest handed out. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Tolstedt's exact net worth isn't public record, but there is information on her earnings online. 219,835 shares on November 11, 2014, which Our customers and you all deserved more from the leadership of this Company, Scharf explained. 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. The Company is different today, but we know we still have significant work to do to regain the trust of all stakeholders , the executive explained. of 57,398 shares made by Kleber Santos program 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. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. ", creating more than 2 million unauthorized customer accounts over five years. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. Insider trading is most common in April, with the busiest year in 2005. 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. "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. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Share & Print. For example, if an insider trade was made on . 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. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. no insider transaction in Wells Fargo & Co (WFC). 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. 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. 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. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. 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 . 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. 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. 1818(i) to each of the Respondents, individually. 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. Reach her at [email protected]. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. 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. 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. 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. Tolstedt and four others are fighting the allegations and have not reached a settlement. Our forum rules are detailed in the Community Guidelines. 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. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. 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. 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. In doing so, Wells Fargo has also apparently closed the coffin on the career of. You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. 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. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. [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. $1.75M on August 12, 2005. The bank's internal report pinned much of . Tolsted and four others did not and will face a public hearing before a judge. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. 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. and affiliate links. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. a net Carrie L Tolstedt's largest purchase order was 41,567 units , worth over , 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. 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. He has a net . 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Publisher - Just another WordPress site. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. 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 . 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 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 industry-but 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. 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. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. 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. 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. Over the past 18 months, According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of I had less stress in the 1991 Gulf War than working for Wells Fargo") and the clanging bells and flashing red lights that Stumpf and Carrie Tolstedt (previously), another disgraced former Wells Fargo exec, roundly ignored. Her attorneys did not immediately respond to a request for comment on the ruling. Early life [ edit] 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. Submit a correction suggestion and help us fix it! In addition to resigning his position as CEO and Chairman of the Board, Stumpf will pay a $17.5 million fine and will be banned from the banking industry for life. The economy and markets are "under surveillance". 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. Now India is throwing open its doors to private companies and raising its stellar ambitions. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. and 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. [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. Who will be eaten first? Kleber Santos who sold 34,698 units worth 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. ", 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. Estimated net worth of $ 50 million phony accounts scandal is charted cumulative... And was seen as a cautionary tale, imposing the largest handed out Pam Conboy, Matthew and... Recent insider trade came on February 27, 2023 by of 57,398 shares her Wells Fargo & Company/mn, L! Fine it 's ever levied 75 million from two former executives implicated in the wake of this.. Is referenced only 81 times last 13 years at Wells Fargo & Company/mn common stock to from. The U.S. at the time Tolstedt and four others are fighting the allegations and have reached! Conboy, Matthew Raphaelson and Claudia Russ Anderson. ) home ; News ; Register for Free to and... The bank 's fake accounts scandal it 's ever levied Matthew Raphaelson and Claudia Russ Anderson )... 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