Carrie Tolstedt, 63, faces up to 16 months in prison under a plea agreement with federal prosecutors filed Wednesday. The development marks a rare instance of a senior bank executive facing prison time as a result of their job.
Tolstedt agreed to plead guilty to one count of obstruction of a bank examination and is expected to make her initial court appearance in Los Angeles in the coming weeks, the Los Angeles U.S. attorney’s office said in a statement.
She also faces a civil penalty of $17 million announced separately by the Office of the Comptroller of the Currency, who said Tolstedt was “significantly responsible” for the widespread sales abuses at the bank, where potentially millions of accounts were opened without customer approval.
Carrie Tolstedt, 63, faces up to 16 months in prison under a plea agreement with federal prosecutors filed Wednesday. The development marks a rare instance of a senior bank executive facing prison time as a result of their job.
Tolstedt agreed to plead guilty to one count of obstruction of a bank examination and is expected to make her initial court appearance in Los Angeles in the coming weeks, the Los Angeles U.S. attorney’s office said in a statement.
She also faces a civil penalty of $17 million announced separately by the Office of the Comptroller of the Currency, who said Tolstedt was “significantly responsible” for the widespread sales abuses at the bank, where potentially millions of accounts were opened without customer approval.