NEW YORK — Federal regulators have slapped former Wells Fargo Chief Executive John Stumpf with a $17.5 million fine for his role in the bank’s sales practices scandal.
Four other executives were also fined by the Office of the Comptroller of the Currency.
This is the first time individual executives have been punished for Wells Fargo’s wrongdoing. The bank has paid hundreds of millions of dollars in fines and penalties for encouraging employees to open up millions of fake accounts in order to meet aggressive sales goals.
Ken Sweet, The Associated Press
