Three more former Wells Fargo execs slapped with fines, prohibitions/C&Ds over abusive sales practices

Settlements with a trio of former senior executives of Wells Fargo Bank for their roles in systemic sales practices misconduct by the banks – totaling nearly $1.7 million in civil money penalties (CMPs) – were announced Monday by the regulator of national banks.

According to the Office of Comptroller of the Currency, former Wells executives Matthew Raphaelson (Community Bank Group Finance Officer), Kenneth Zimmerman (head of Community Bank Deposit Products Group) and Tracy Kidd (head of Community Bank Human Resources) were assessed CMPs of (respectively) $925,000, $400,000 and $350,000.

The OCC also handed Raphaelson a prohibition order; Zimmerman and Kidd were given personal cease and desist orders, the OCC said.

The agency said all three agreed to cooperate with the OCC in investigations, litigations, or administrative proceedings related to sales practices misconduct at the bank.

In 2018, the bank was slapped with sanctions and fines for consumer abuses related to unsafe practices for its auto-loan collateral insurance and mortgage interest-rate lock programs.

OCC Announces Settlements with Three Former Senior Wells Fargo Bank Executives