CARRIE L. TOLSTEDT (WELLS FARGO) REVIEW
This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/carrie-l-tolstedt-wells-fargo-5YCWZ/former-wells-fargo-exec-misled-investors-id5ydqt .
Former Wells Fargo Exec. Misled Investors
Today, The Smart Investor Feed brings you another morally reprehensible fraud.
Carrie L. Tolstedt (Wells Fargo) has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?
We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.
Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:Full Report On Carrie L. Tolstedt (Wells Fargo)
The Securities and Exchange Commission today charged the former head of Wells Fargo & Co.'s Community Bank Carrie L. Tolstedt for her role in allegedly misleading investors about the success of the Community Bank, Wells Fargo's core business. The SEC previously filed settled charges against Wells Fargo for engaging in the misconduct.
According to the SEC's complaint, from mid-2014 through mid-2016, Tolstedt publicly described and endorsed Wells Fargo's "cross-sell metric" as a means of measuring Wells Fargo's financial success despite the fact that this metric was inflated by accounts and services that were unused, unneeded, or unauthorized. The complaint further alleges that Tolstedt signed misleading sub-certifications as to the accuracy of Wells Fargo's public disclosures when she knew or was reckless in not knowing that statements in those disclosures regarding Wells Fargo's cross-sell metric were materially false and misleading.
The SEC's complaint, filed in the U.S. District Court for the Northern District of California, charges Tolstedt with violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and with aiding and abetting violations of Exchange Act Sections 10(b), 13(a), and 13(b)(2)(A) as well as Exchange Act Rules 10b-5, 13a-1, 13a-13, and 12b-20. The complaint seeks injunctive relief, civil penalties, disgorgement with prejudgment interest, and an officer and director bar.Conclusion: Carrie L. Tolstedt (Wells Fargo) Is A Fraud
The report on SEC clearly suggests that Carrie L. Tolstedt (Wells Fargo) never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.
If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.Help Us Fight These Criminals
Do you have evidence against Carrie L. Tolstedt (Wells Fargo) or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.
Full Disclosure: We sourced this piece of information from the SEC database