Yet he’s not charged with any criminal violations…
The U.S. government announced Thursday that former Wells Fargo CEO John Stumpf has been banned from ever working at a bank again and will pay $17.5 million for scandals in which millions of fake accounts were set up to meet sales quotas.
The notice from the Office of the Comptroller of the Currency said the regulator plans to target other individuals, including former executives, for their role in the scandals.
In addition to the $17.5 million fine, Stumpf’s settlement declares he shall not participate “in any manner” at any bank regulated by the OCC or participate or attempt to participate in a bank’s corporate board votes.
Article submitted by, sheltomlee.