Trending: Former Wells Fargo Executive Might Face Prison Time

1350 EDT--Wells Fargo is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. A former Wells Fargo executive faces as much as 16 months in prison for her role in the bank's fake-accounts scandal. Carrie Tolstedt is expected to receive a sentence Friday after pleading guilty earlier this year to obstructing regulators who probed misconduct in the business she ran. Tolstedt's lawyers have asked for three years probation, and Justice Department lawyers have asked she serve one year. A prison sentence would be a rare punishment for a banker committing crimes on the job. Only one banker went to prison as a result of the financial meltdown of 2008. The Wells Fargo episode burst into the open in 2016, when the bank was revealed to have had an aggressive sales culture in which employees were told to push as many products on to customers as possible. Some opened fake accounts to meet sales goals. Dow Jones & Co. owns Factiva. (matthew.walker@dowjones.com)

(END) Dow Jones Newswires

September 15, 2023 14:11 ET (18:11 GMT)

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