On 1/12/21, former general counsel James Strother of Wells Fargo signed a Consent Order with the Office of the Comptroller of the Currency.
He agreed to pay the U.S. Government $3.5 million for his role in the sales practice fiasco. Payment is due within 10 days via wire transfer.
He also agreed to a Cease and Desist order to not violate any banking laws in the future. He is required to notify any current and all future employers of the C&D, providing them a copy of the order.
For further reading:
Just shy of murder or blatant piracy, don’t expect bank or Wall Street executives of the large companies , to get more than a slap on the wrist. It is what it is and you can’t fight city hall.
Good point. With what has happened in the foreign exchange and forex rigging fiascos, I’m not confident that even “blatant piracy” will results in jail time.