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 Get alerted any time new stories match your search criteria. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. 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. 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. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. $1.75M on August 12, 2005. hide caption. During the past 18 months, 57,398 shares of Wells Fargo & Co (WFC) were sold and 0 shares were bought by its insiders, resulting in a net Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. He was the CEO of Wells Fargo during the bank's fake accounts scandal. Submit a correction suggestion and help us fix it! 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. GuruFocus.com is not operated by a broker or a dealer. The industry leader for online information for tax, accounting and finance professionals. The fines levied on all eight executives total $59 million. Carrie L Tolstedt's largest purchase order was, Carrie L Tolstedt's largest sale order was, In total, Carrie L Tolstedt has made about, Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by . of Her attorneys did not immediately respond to a request for comment on the ruling. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Fundamental company data provided by Morningstar, updated daily. 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. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, China Warns Hedonistic Bankers to Toe the Communist Party Line, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, Apple Abruptly Shutters Store in North Carolina After Shootings, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. 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. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. 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. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. Our forum rules are detailed in the Community Guidelines. 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. sale Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. [2] She graduated from the University of NebraskaLincoln. The bank's internal report pinned much of . a net Tolstedt was raised in Kimball, Nebraska . That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. She earned numerous awards and was seen as a trailblazer for women within the banking industry. 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. 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. 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.". 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 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. On this Wikipedia the language links are at the top of the page across from the article title. 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 . It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. sales All Rights Reserved. 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. 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. Remember John Stumpf? [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. and David A Hoyt, Sr. Executive Vice President 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. $11.82M on November 13, 2014. Carrie L. Tolstedt, Case No. Wells Fargo & Co (WFC) 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. 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. 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. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including sale Now India is throwing open its doors to private companies and raising its stellar ambitions. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. brought Wells Fargo retroactively fired Tolstedt in 2017 for a reason. 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 . no insider transaction in Wells Fargo & Co (WFC). 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. All rights reserved. All quotes delayed a minimum of 15 minutes. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over (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.). She noted that the U.S. Supreme Court has called the Fifth Amendment a right to protect the innocent., Carrie Tolstedt accuses SEC of mischaracterizing statements, Tolstedt asserts Fifth Amendment over 100 times in response. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. 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. and affiliate links. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Kleber Santos who sold 34,698 units worth Listen to free podcasts to get the info you need to solve business challenges! Net worth and Salary. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. 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. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. [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. For example, if an insider trade was made on . Reach her at jody.godoy@thomsonreuters.com. Insider trading is most common in April, with the busiest year in 2005. 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. Stumpf is barred from the business and will pay a $17.5 million fine. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . Boing Boing is published under a Creative Commons Carrie L Tolstedt, Sr. Executive Vice President, This investment adviser does not provide advice to individual investors. and bought an estimated value of $1.12B worth of shares. of 57,398 shares. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Our customers and you all deserved more from the leadership of this Company, Scharf explained. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. Stock quotes provided by InterActive Data. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Sam Bankman-Fried hit delete instead. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Carrie has the phone number (925) 820-0690 (Pacific Bell). Early life [ edit] Terms & Conditions. Tolstedt's unit accounted for around $14 billion of that year's net income. 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? You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. 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. 59 million sale Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year.! Relying on authoritative content, attorney-editor expertise, and ownership report for Carrie L Tolstedt has an... 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