A former Wells Fargo Bank executive accused of overseeing a ruse that created millions of bogus customer accounts has agreed to plead guilty to criminal charges likely to send her prison for her role in the scandal.
The agreement filed Wednesday in a Los Angeles federal court calls for the former Wells Fargo executive, Carrie Tolstedt, to serve a 16-month prison sentence for obstructing regulators' investigation into abusive sales practices that culminated in the bank paying billions of dollars in fines. Tolstedt, 63, also agreed to pay a $17 million fine in a separate civil settlement with the government that also bans her from working again in the banking industry.
