NY – Federal regulators announced Thursday that they sanctioned the president of Wells Fargo, John Stumpf, with a fine of $ 17.5 million for his role in the sales scandal that engulfed the bank.
The Office of the Comptroller of the Currency applied minor fines to four other executives.
It is the first time that executives involved in Wells Fargo’s crimes are sanctioned individually. The bank has paid hundreds of millions of dollars in fines and other punitive measures to encourage employees to open bogus accounts in order to meet the ambitious sales goals.
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