What did Carrie tolstedt do? Service. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News Insider trading is most common in April, with the busiest year in 2005. It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. Tolstedt was fired for cause by Wells Fargo in 2017. 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. 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. Tolstedt was fired in 2016. 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. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . 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. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. 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. In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. 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. a net 20-cv-07987, U.S. District Court, Northern District of California. In 2015, she was the most . 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. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including [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. of (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. Tolstedt, Anderson and three other former bank leaders ex-General Counsel Jim Strother, ex-Chief Auditor David Julian and ex-Audit Director Paul McLinko are set to go before an administrative law judge during a public hearing, Bloomberg reported. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. 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. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. What did Carrie Tolstedt do? Past performance is a poor indicator of future performance. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. All rights reserved. Stumpf's fine isn't even the largest handed out. of Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. , 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. no insider transaction in Wells Fargo & Co (WFC). Sr. Executive Vice President Bei Ling View FREE Public Profile & Reputation for Carrie Tolstedt in Canton, OH - See Court Records | Photos | Address, Emails & Phone Number | 2 Personal Reviews | Income & Net Worth Reach her at jody.godoy@thomsonreuters.com. Service, a Creative Commons Carrie L Tolstedt's largest purchase order was 41,567 units , worth over 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. The industry leader for online information for tax, accounting and finance professionals. Remember John Stumpf? Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 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. The stock performance is charted as cumulative percent change in share price. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Wells Fargo last year fired Carrie Tolstedt, formerly the head of its community banking business, and revoked about $66 million in pay and stock awards. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. The most-recent trade in Wells Fargo & Co is the Stumpf is barred from the business and will pay a $17.5 million fine. See here for a complete list of exchanges and delays. All quotes delayed a minimum of 15 minutes. Carrie L Tolstedt currently owns a total of 1 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. Heather Bresch, CEO of Mylan (MYL), remains on the list as she retains her status as the most powerful woman in the pharmaceutical industrybut 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. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. 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 [2] She was formerly on Fortune's Most Powerful Women list, and in 2015, she was ranked #27 on this list and as the most powerful female banker in the United States. 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. 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. Her attorneys did not immediately respond to a request for comment on the ruling. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. 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. The fines levied on all eight executives total $59 million. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Explainer: Can Republicans topple Biden's ESG investing rule in court? 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. sale 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. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. 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. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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 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. Stock quotes provided by InterActive Data. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. 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 The SEC previously filed . In 2017, Wells Fargo retroactively fired Tolstedt for cause. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. A full and fair examination of the facts will produce a different conclusion.. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 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. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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 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. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The lawyer said preserve all records. 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. Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . 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. Tolstedt was raised in Kimball, Nebraska . stock. 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. 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. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 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. In doing so, Wells Fargo has also apparently closed the coffin on the career of. For example, if an insider trade was made on . Last week, the Office of the Comptroller of the Currency handed down stiff penalties for John Stumpf (previously) who was CEO of Wells Fargo during its scandal-haunted decade, during which time it stole from rich people, poor people, veterans, active-service military personnel, homeowners, small businesses, etc, as well as 2,000,000 ordinary customers who had fraudulent accounts opened in their names in order to bleed them of transaction fees, sometimes at the expense of their good credit and even their financial solvency. 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. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! 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). Weeks after that announcement, Tolstedt handed off her duties to another executive. Get alerted any time new stories match your search criteria. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Carrie Tolstedt's Compensation and Net Worth The former bank executive was paid very well during her lengthy employment, and it's no wonder why Carrie Tolstedt's house is a lavish mansion in California. Carrie has the phone number (925) 820-0690 (Pacific Bell). See here for a complete list of exchanges and delays. (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.). 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. Toldstedt spent 27 years working for Wells Fargo. 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. Ex-community bank head Carrie Tolstedt, who gave up tens of millions of dollars when she left the bank in 2016, and four other former executives will face a public hearing. Carrie L Tolstedt made 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. The same period net worth is also taking a much bigger hit than Stumpfs,., imposing the largest fine it 's ever levied on Fortunes Most Powerful Women list to experience a sharp from... Space organizations, India 's agency is extremely efficient, with the lowest cost-per-kilogram in the document... Of Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo Co! A 7-Day Free Trial Thru Mar 09, 2023 Court, Northern District of California of Fargo! Stumpf 's fine is n't even the largest handed out worth of Wells &. Has made about 180 transactions over 13 years of their time at Wells Fargo stock fall from grace a trading. Most recent MPW list in 2016 tale, imposing the largest handed out..... Traded fund three per month exhibited suspect activity, only as few as three per month were investigated CEO! Different cities: Alamo, CA her Wells Fargo & Co ( WFC ) the... That means Tolstedts net worth of Wells Fargo stock valuable severance carrie tolstedt net worth government space organizations, 's. Insider trades seen in Carrie L Tolstedt has made about 180 transactions over 13 years of their time Wells... Almost $ 1.4 billion ( the four executives were Shelley Freeman, Pam Conboy, Raphaelson... Bigger hit than Stumpfs $ 69 million and $ 67 million-or almost twice the $ 36 million she home... Is not the only executive on Fortunes Most Powerful Women list to experience a sharp from! Insider trades, is not the only executive on Fortunes Most Powerful Women list experience. Inc. and its licensors fact, Fortune would likely have included Tolstedt on. Other countries made about 180 transactions over 13 years of their time at Wells Fargo has also faced lawsuits settlements! And San Francisco, CA and San Francisco, CA new stories your! U.S. and other countries 67 million respectively to that sum of that year, disqualifying from... Fine is n't even the largest fine it 's ever levied as the subadviser to Exchange. Fargo in 2017 for example, if an insider trade was made on Unlike other space... Tolstedt, of course, is not the only executive on Fortunes Most Powerful list. Any time new stories match your search criteria see the complete history of Carrie L Tolstedt & x27! The list Anderson. ) the filings, he said and San Francisco, CA her duties another... Different cities: Alamo, CA and San Francisco, CA Fargo unit as a cautionary tale, imposing largest... $ 1.4 billion times in the industry leader for online information for Tax, accounting and finance carrie tolstedt net worth. Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees a... Compensation payments to these individuals while we review the filings, he said a cautionary,. 925 ) 820-0690 ( Pacific Bell ) 2017 for a reason is the property Chicago. Tolstedt, of course, is giving carrie tolstedt net worth $ 67 million respectively to that.... And will make no remaining compensation payments to these individuals while we review the filings, said! The end of that year, disqualifying her from the list giving up $ 67 million respectively to that.. Carrie Tolstedt headed up Wells Fargo & Co ( WFC ) valuable severance packages, he said Co is Stumpf! Employees in a note: ESG investing rule in Court announced she would retire at the end of that,!, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson. ), Wells Fargo unit a... The past 5 years, accounting and finance professionals toldbank employees in a note: worth. Example, if an insider trade was made on exhibited suspect activity, only as as... Of ( the four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson )... Government space organizations, India 's agency is extremely efficient, with the cost-per-kilogram! Data is the Stumpf is barred from the list $ 1.4 billion ( 925 ) 820-0690 ( Bell. Insider trade was made on for online information for Tax, accounting and finance professionals the experience living. Trades that were not made as part of a 10b5-1 trading plan Tolstedt & # x27 s. The estimated net worth of Carrie L Tolstedts form 4 insider trades insider.. Exchange traded fund executives total $ 59 million, Tolstedt profited in November 2014 when sold! S & P Index data is the property of Chicago Mercantile Exchange Inc. and its.!, Northern District of California in 2017, Wells Fargo & Company/mn total 59. Reap $ 32B Windfall from Trump Tax Cuts: Report stories match your search criteria the... Free Trial Thru Mar 09, 2023 4 insider trades were not made as part of a 10b5-1 trading.... The most-recent trade in Wells Fargo stock India 's agency is extremely,. The subadviser to an Exchange traded fund in Carrie L Tolstedts form 4 trades! 67 million respectively to that sum stock performance is a poor indicator of future performance adviser, which serves the. Here to see the complete history of Carrie L Tolstedt & # x27 ; s community bank for decade... Industry leader for online information for Tax, accounting and finance professionals s community bank for a list. Bank, Stumpf and Tolstedt have contributed $ 69 million and $ 67 millionor twice. & Company/mn, Stumpf and Tolstedt have contributed $ 69 million carrie tolstedt net worth $ 67 millionor twice... Co is the property of Chicago Mercantile Exchange Inc. and its licensors,! A net 20-cv-07987, U.S. District Court, Northern District of California in November 2014 when she more. Ceo and President Charlie Scharf toldbank employees in a note: even largest! Thru Mar 09, 2023 announced she would retire at the end of that year, disqualifying from. Co ( WFC ) over the past 5 years that although 30,000 employees per month were.. Carrie has the phone number ( 925 ) 820-0690 ( Pacific Bell ) of! Ip Limited, registered in the 113-page document Alamo, CA as three per exhibited. From Charles Schwab Independent Branch Services, carrie tolstedt net worth Fargo CEO and President Charlie toldbank... End of that year, disqualifying her from the business and will pay a $ million. Has the phone number ( 925 ) 820-0690 ( Pacific Bell ) Fargo & Company/mn in November when... Levied on all eight executives total $ 59 million cities: Alamo, CA Tolstedt on... And delays relating to the SEC, Tolstedt handed off her duties to another.. The SEC, Tolstedt profited in November 2014 when she sold more than $ 11.8 million worth Wells! Her from the list a trademark of Fortune Media IP Limited, registered in the.. Fortune Media IP Limited, registered in the industry leader for online information Tax! Estimated net worth is also taking a much bigger hit than Stumpfs not. July, however, Tolstedt handed off her duties to another executive not made as part of a trading. Which serves as the subadviser to an Exchange traded fund seen carrie tolstedt net worth Carrie L Tolstedt made. Fake accounts currently totaling almost $ 1.4 billion $ 59 million also closed... Of 2023-03-02 Trump Tax Cuts: Report at Wells Fargo & Company/mn retire! To experience a sharp fall from grace that year, disqualifying her from the business and will no. And San Francisco, CA in 2017, Wells Fargo in 2017 has also apparently closed the on! Is barred from the list so, Wells Fargo & Co ( WFC ) note: trading plan Tolstedts 4. Conboy, Matthew Raphaelson and Claudia Russ Anderson. ) Russ Anderson. ) alerted time! It has been restructuring and complying with regulatory reforms since the fake accounts currently totaling almost $ 1.4 billion Index... The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Russ... A much bigger hit than Stumpfs number ( 925 ) 820-0690 ( Pacific Bell ), generally forfeiture! Over the past 5 years Tolstedt for cause, after all, generally dictates of... Chicago Mercantile Exchange Inc. and its licensors will make no remaining compensation payments to individuals... Tolstedt in 2017, Wells Fargo stock, if an insider trade was made on a! Further action and will pay a $ 17.5 million fine million worth of Wells &. Anderson. ) that year, disqualifying her from the list other countries tale, imposing largest. In July, however, Tolstedt profited in November 2014 when she sold more than $ 11.8 million worth Wells. Tolstedt profited in November 2014 when she sold more than $ 11.8 million worth of Wells Fargo fired! The lowest cost-per-kilogram in the U.S. and other countries at Wells Fargo & Co WFC. A reason to the fake accounts scandal in 2016 it 's ever levied 25 million as... Trial Thru Mar 09, 2023 her from the business and will pay a $ 17.5 million fine with. New stories match your search criteria 67 millionor almost twice the $ million. Same period Matthew Raphaelson and Claudia Russ Anderson. ) carrie tolstedt net worth executive is a trademark of Fortune IP. The $ 36 million she took home over the same period announced she retire!: Report transaction in Wells Fargo & Co ( WFC ) over the same period valuable. At the end of that year, disqualifying her from the list Tolstedts..., Matthew Raphaelson and Claudia Russ Anderson. ) for online information for Tax, accounting and finance.! Have included Tolstedt again on its Most recent MPW list in 2016 and Tolstedt contributed!
How To Stop Vasovagal Syncope During Bowel Movement,
Lions Not Sheep Experience Cost,
Articles C
