Three Ex-Wells Fargo Executives Fined $18.5 Million Over Fake Accounts Scandal

The penalties mark the conclusion of years-long enforcement actions tied to the bank's systemic sales misconduct from 2013 to 2016.

The Office of the Comptroller of the Currency (OCC) fined three former Wells Fargo executives a combined $18.5 million for their roles in the bank's fake accounts scandal.
Claudia Russ Anderson, the former Community Bank Group Risk Officer, received the largest fine of $10 million and was banned from the banking industry for life.
David Julian, the former Chief Auditor, and Paul McLinko, the former Executive Audit Director, were fined $7 million and $1.5 million, respectively, for failing to detect and escalate sales misconduct.
The OCC found that from 2013 to 2016, thousands of employees engaged in fraudulent practices under pressure to meet unreasonable sales goals, leading to one of the largest scandals in banking history.
These fines conclude the OCC's enforcement actions against 11 former Wells Fargo executives, which have resulted in over $61 million in penalties since 2020.