The Securities and Exchange Commission charged former Wells Fargo CEO John Stumpf and retail banking head Carrie Tolstedt with misleading investors, the watchdog announced on Nov. 13.
The agency claimed that the former executives misled investors about the widespread sales-practice problems at the bank. Stumpf agreed to pay a $2.5 million penalty to settle the charges, while the SEC will litigate fraud charges against Tolstedt in court.
