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US OCC fines three ex-Wells Fargo execs $18.5 million for 'unsafe or unsound' practices

( January 14, 2025, 20:58 GMT | Official Statement) -- MLex summary: The US Office of the Comptroller of the Currency fined three former Wells Fargo executives a total of $18.5 million for "unsafe or unsound banking practices related to the bank's systemic and widespread sales practices misconduct." The three are Claudia Russ Anderson, the former Community Bank Group Risk Officer, fined $10 million; David Julian, former chief auditor, fined $7 million; and Paul McLinko, former executive audit director, fined $1.5 million. The OCC decisions said that "under pressure to meet unreasonable sales goals, thousands of employees at the bank engaged in widespread sales practices misconduct." The OCC previously fined eight ex-Wells Fargo senior bank executives a total of $43.2 million.Document follows:...

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