The former head of Wells Fargo's retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal.
retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal.
She is the only top executive to face criminal charges over revelations starting in 2016 about Wells Fargo's sales culture, where employees opened millions of accounts and sold products that customers did not want in order to meet unrealistic sales goals. Prosecutors had sought a one-year prison term. The actual sentence mirrored Tolstedt's request, and she accepted "full responsibility" for her crime.
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