Regulator charges ex-Wells Fargo executives for role in sales scandal

Wells Fargo & Co's regulator on Thursday announced it had brought civil cha...

) regulator on Thursday announced it had brought civil charges against eight former executives, including former Chief Executive Officer John Stumpf, marking the first federal action against individuals for their role in the bank’s sales practices scandal.

Stumpf, who could not immediately be reached for comment, also agreed to a lifetime ban on working for an OCC-regulated bank. In a memo to Wells Fargo employees, CEO Charlie Scharf said the company was reviewing Thursday’s filings and will determine what, if any, further action is appropriate in respect to any of the individuals who were named.

“The misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees,” it said.Ex-Wells Fargo executives face civil charges, multimillion-dollar fines from U.S. bank regulator

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