On Jan. 14, OCC fined former executives of Wells Fargo $18.5mn.
OCC fined former executives of Wells Fargo Bank, N.A., Claudia Russ Anderson, David Julian, Paul McLinko, related to bank systemic, widespread sales practices misconduct.
Alleged Conduct
Anderson failed to credibly challenge bank’s incentive compensation program, failed to institute effective controls to manage risks posed by sales practices misconduct.
Also did not provide information or providing false, incomplete, misleading information.
Julian and McLinko failed to plan and manage audit activity to detect and document sales practices misconduct, failed to adequately escalate sales practices misconduct.
McLinko also failed to maintain professional independence from the Community Bank.
Anderson issued prohibition order and fined $10mn in civil monetary penalty; Julian fined $7mn, McLinko fined $1.5mn, and each issued a personal cease and desist order.
Regulators
OCC
Entity Types
Bank; Thrift
Reference
PR 2025-3, LR AA-EC-2019-81, LR AA-EC-2019-71, LR AA-EC-2019-72, 1/14/2025; Citation: 12 USC 1818(e): *18 USC* 1517, 1001;
