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Industry Spotlight > Wirehouse Firms

3 More Ex-Wells Fargo Execs Settle With Regulators

By Jeff Berman

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Three more former Wells Fargo senior executives reached settlements with the Office of the Comptroller of the Currency for their roles in the company’s fake-accounts scandal, and will pay a combined $1.675 million in penalties, according to the OCC.

Wells Fargo did not immediately respond to a request for comment on Wednesday.

The latest settlements included: A prohibition order and $925,000 civil money penalty for Matthew Raphaelson, former Community Bank Group finance officer; a personal cease and desist order and $400,000 CMP for Kenneth Zimmerman, the former head of Community Bank Deposit Products Group; and a PC&D and $350,000 CMP for Tracy Kidd, the former head of Community Bank human resources, the OCC said Monday.

As part of the settlements, each of the former executives agreed to cooperate with the OCC in any investigation, litigation or administrative proceeding related to sales practices misconduct at Wells Fargo, the OCC said.

The settlements were in addition to the actions the OCC announced Jan. 23,  including the issuance of a notice of charges against five other former senior bank executives and settlements with three others. At that time, the OCC issued fines of $37.5 million against the five former Wells Fargo executives and reached settlements of $21 million with ex-Chairman and CEO John Stumpf and several other former members of the bank’s operating committee.

That came more than three years after the bank agreed to pay a fine and $185 million settlement with the Consumer Financial Protection Bureau, the OCC and Los Angeles City Attorney’s Office over 2 million-plus client accounts and credit cards that were potentially unauthorized.

— Check out Ex-Broker Says Wells Fargo’s Incentives Tanked His Business on ThinkAdvisor.

Jeff Berman

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