A civil money penalty of $17.5 million – plus a prohibition – were two of the punishments meted out for the former chairman and CEO of Wells Fargo Bank, according to details made public Thursday.
The Office of the Comptroller of the Currency, in detailing its prohibitions and orders made Jan. 22, said the penalties for former Wells Fargo chief executive John Stumpf were accompanied by the former bank leader’s pledge to “cooperate fully and promptly with the OCC in any investigation, litigation, or administrative proceeding related to the subject matter” of the order.
Stumpf retired from the bank in October 2016. He signed a consent order from the OCC agreeing to the fine and penalties.
The OCC filing also notes that Stumpf, has voluntarily forfeited all of his unvested equity awards, valued at approximately $41 million, and his 2016 bonus and salary. The agency also noted that the bank also caused Stumpf to return incentive compensation valued at approximately $28 million, “effectuated in part through the Bank’s non-payment of Respondent’s retirement funds, reflecting a total of approximately $70 million in equity-related forfeitures, and bonus and salary.”