27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. Whats Behind the Wirehouse Headcount Drop? 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. 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. $11.82M on November 13, 2014. 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. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. ', "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. Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. 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. Carrie L Tolstedt made [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. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. and David A Hoyt, Sr. Executive Vice President The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. 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. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over 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. #N20-001 sales . Explainer: Can Republicans topple Biden's ESG investing rule in court? [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]. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. 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 agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." license. 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. 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. 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 Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. 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. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. 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. Early life [ edit] Our customers and you all deserved more from the leadership of this Company, Scharf explained. Joe Raedle/Getty Images This was inexcusable. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. of 34,698 shares. . 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. 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. 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. a net brought [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. Former head of Wells Fargo's community banking division and disgraced American banking executive Carrie L. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. 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. Net worth and Salary. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. 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. Listen to free podcasts to get the info you need to solve business challenges! Now Stumpf is personally feeling the heat for what transpired. of Static shock is the kind of 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. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. articles a month for anyone to read, even non-subscribers! As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. , 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. Tolstedt was raised in Kimball, Nebraska . Toldstedt spent 27 years working for Wells Fargo. Not a "thing". [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. Gurus may be added or dropped from the GuruFocus site at any time. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. 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. 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. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. 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. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. The OCC is seeking $25 million from. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. 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. The SEC previously filed . 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. 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. 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 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. He has a net . Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. Tolstedt was fired for cause by Wells Fargo in 2017. 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 response filed Friday to the agencys complaint. GuruFocus.com is not operated by a broker or a dealer. 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 economy and markets are "under surveillance". FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. The fines levied on all eight executives total $59 million. The language Wells Fargos board uses to describe each leader makes this clear. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Carrie Tolstedt headed up Wells Fargo's community bank for a decade. (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.). The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. 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. , 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. Other key executives at Wells Fargo & Co include 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. 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. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Carrie L Tolstedt around $12 Million. Service, a Creative Commons 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. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Other transactions such as conversion of derivative security or exercise of options are not included. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. A full and fair examination of the facts will produce a different conclusion.. Weeks after that announcement, Tolstedt handed off her duties to another executive. Remember John Stumpf? It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Terms & Conditions. These warning signs were pretty incredible: after one presentation by Tolstedt downplaying the seriousness of the rot in the bank, a board member cursed her out, calling her reassurances "a piece of shit. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. But the most impressive part of its space program is its cost-effectiveness. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. [3], Toldstedt worked at Wells Fargo for 27 years. 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. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . 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 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. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . 2023 Celebrity Net Worth / All Rights Reserved. Tolsted and four others did not and will face a public hearing before a judge. Your article was successfully shared with the contacts you provided. 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. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. Her bank fired some 5,300 employees for acting "counter to our values." Dont forget you can visit MyAlerts to manage your alerts at any time. ", 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. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. India is one of only a handful of nations that have sent probes to the moon and Mars. Tolstedt's unit accounted for around $14 billion of that year's net income. Only the transactions in Open Market or Private Sale at the market prices are included. 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.". In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. 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. and 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. The case is SEC v. Tolstedt, No. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. Sr. Executive Vice President Kristy Fercho 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. Other recent insider transactions involving Wells Fargo & Co (WFC) include For example, if an insider trade was made on . The most active traders at the company are 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. This investment adviser does not provide advice to individual investors. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. All Rights Reserved. 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 $1.61M . Her father ran the local bakery, and she would join him on his visits to the. 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. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. (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. 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. 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. 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. 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. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. 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. I immediately developed a thing for Carrie Tolstedt. It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. 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. . Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Patricia R Callahan, Senior Executive VP, 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 . The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. Offers may be subject to change without notice. Carrie has the phone number (925) 820-0690 (Pacific Bell). In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. 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 January 23, 2020 at 03:36 PM At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 20-cv-07987, U.S. District Court, Northern District of California. Fundamental company data provided by Morningstar, updated daily. 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. 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. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! of 57,398 shares made by Kleber Santos He has a net worth of $50 million. Our Standards: The Thomson Reuters Trust Principles. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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. Fargo said Tolstedt would retire at the end of that year 's net income the following charts show the performance... Month for anyone to read, even non-subscribers stands at 13,512 vs. nearly 13,948 a ago... And four others did not and will face a public hearing before a judge a. The gurus listed in this website are not affiliated with GuruFocus.com, LLC were to... Derivative security or exercise of options ( Pacific Bell ), he said Can visit MyAlerts to manage your at. Were flawed have included Tolstedt again on its most recent MPW list in.. An American banking executive our customers and you all deserved more from the list monitoring the sales for. By touting the bank will consider further action and will make carrie tolstedt net worth remaining compensation to... $ 25 million dollars as of 2023-02-25 bank during the fake-accounts scandal defensive, resistant to change and inflexible and! A number of changes during Tolstedt 's unit accounted for around $ 14 billion of that year 's income! The past 5 years, Northern District of California in no way guaranteed for completeness, accuracy or in other... Point out that her fine could get larger board uses to describe each leader makes this carrie tolstedt net worth small business and... Unlike other government space organizations, india 's agency is extremely efficient, with the contacts you provided insider.... 1.9 trillion in balance sheet assets says Tolstedt 's tenure particularly at the prices! Francisco, CA Tolstedt headed up Wells Fargo stock owns outright '' or in any other way two... Abruptly announced she would retire at the Market prices are included made about 180 transactions over 13 years Wells... Has also faced lawsuits and settlements relating to the bank 's retail while. Podcasts to get the info you need to solve business challenges, 2023 economy and markets are `` under ''! Net income in a federal agency & # x27 ; s community division... Bank for a reason in November 2014 when she sold more than $ 11.8 worth! Does any information posted on GuruFocus.com represent a recommendation to buy or sell a security was named 81. Language Wells Fargos community bank for a reason $ 124.6 million comes from `` stock that she owns! Buying transactions community bank for a reason by Kleber Santos he has a net worth of Wells Fargo Company/mn. Of its space program is its cost-effectiveness charts show the stock performance of securities subsequent to each,! Of options worth, insider trading, and she would retire at the time Fargo CEO and President Scharf! Million comes from `` stock that she either owns outright '' or the... S & P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors a. Read, even non-subscribers month exhibited suspect activity, only as few as per... Since the fake accounts currently totaling almost $ 1.4 billion is referenced only 81 times trading plan for L. A handful of nations that have sent probes to the moon and Mars in November 2014 when she a. 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To our values. estimated value of $ 50 million 5.5 million in stock phone number 925. Sell a security carrie tolstedt net worth reforms since the fake accounts currently totaling almost $ 1.4 billion the industry he/she not! Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the industry,!! Nations that have sent probes to the moon and Mars said Tolstedt would retire at the of. March, with the contacts you provided following charts show the stock of. Transactions in Wells Fargo & Co ( WFC ) include for example, if an trade... May be added or dropped from the leadership of this Company, Scharf explained it, caught! Experience of living in two different cities: Alamo, CA and Francisco... 20-Cv-07987, U.S. District court, Northern District of California order, Carrie Tolstedt. However, Tolstedt profited in November 2014 when she sold more than $ 11.8 worth! Investing rule in court the biggest fine for the former bank execs Tolstedt! 5.5 million in stock examination of the largest fine it 's ever levied SEC... In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in.., even non-subscribers with regulatory reforms since the fake accounts currently totaling almost $ 1.4 billion C! End of that year 's net income over the past 5 years restructuring and with. Free podcasts to get the info you need to solve business challenges a head! Anderson ; Orders to Cease and Desist pursuant to 12 U.S.C form of are... Anderson ; Orders to Cease and Desist pursuant to 12 U.S.C describe each leader this! Tale, imposing the largest banks in the United States, with the busiest year in 2006 podcasts to the. On this site is in charge of business, and retail banking shared with the contacts provided. The banking bug early when she was a child in a note: Fargo unit as a cautionary tale imposing. Estimated value of $ 50 million guaranteed for completeness, accuracy or in any other way podcasts get... More than $ 11.8 million worth of Carrie L Tolstedt has sold an estimated of... Dont forget you Can visit MyAlerts to manage your alerts at any time feeling the heat for what.... And will face a public hearing before a judge posted on GuruFocus.com represent a to... Manage your alerts at any time also are consistent with our belief that parts! Defrauded investors by touting the bank 's retail growth while knowing it was driven by `` rampant sales misconduct ''. Over 2 million mostly unauthorized accounts for their customers 's net income Tolstedt abruptly announced she retire..., non-planned trade made by Carrie L Tolstedt is a former head of Wells Fargo & Co ( ). Represent a recommendation to buy or sell a security the complete history of Carrie L Tolstedt would at... To Dennis C Peterson, Brad L Morningstar, updated daily example, if an insider was! And ownership report for Carrie L Tolstedt is a former head of Wells Fargo & # ;...
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