Former Wells Fargo executive agrees to settle SEC fraud charges

The former head of Wells Fargo & Co's retail bank agreed to pay a $3 million penalty to settle the U.S. Securities and Exchange Commission's fraud charges for misleading investors about sales practices to inflate a performance metric, the SEC said on Tuesday.

Carrie Tolstedt was charged in 2020 for her role in allegedly misleading investors about the success of Wells Fargo's core business.