Stumpf settled the case without admitting or denying the allegations of the SEC.
In January, Stumpf settled a complaint by the Comptroller of the Currency (OCC) regarding his role in the fake account scandal. He agreed to the agency’s order prohibiting him from working again in the banking industry and requiring him to pay a penalty of $17.5 million.
In February, Wells Fargo agreed to pay $500 million for misleading investors regarding its cross-sell strategy. The payment was part of a combined $3 billion settlement by the bank with the SEC and the Department of Justice (DOJ).
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